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Tuesday, 21 September 2021
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The Your Future, Your Super reform gives a super fund 12 months to rectify its performance, but failing the first test implies a 90% chance of failing the second test a year later. A failed test is an existential event.
SMSFs are currently the largest segment of superannuation, but by 2020, industry funds are expected to dominate, having recently overtaken retail funds. Labor's franking proposal will accelerate the trend.
Many commentators are assuming all industry and retail funds can utilise their franking credit refunds, but a case-by-case check is required. Plus hard words from a cranky reader.
The Royal Commission has severely damaged the reputations of many retail funds. While the CEO of the peak body for industry funds is not complacent, battles have been won.
After decades of intense work in financial markets, including Asia-wide responsibilities, a sabbatical walk along Spain's Camino led to an unexpected mix of superannuation insights and dealing with death.
One of the benefits of Private Ancillary Funds is the philanthropic family legacy they create, and Social Benefit Bonds appeal to many PAF trustees. Unfortunately, investor definitions create an unnecessary barrier to entry.
APRA's decision to continue to class deposits in public super fund as 'non-retail' makes it difficult for them to compete with banks and SMSFs. However, some in the industry still believe trustees can take a stand.
It's not surprising that research shows high levels of satisfaction for self managed portfolios, as investors are effectively rating themselves. Regardless of the reason, few SMSFs will return to an institutional fund.
There are important features which distinguish the different lifecycle offerings and they can have a significant impact on member outcomes. Rating agencies will need to adapt their processes versus normal balanced funds.
Anyone responsible for product design and pricing in the superannuation industry needs an understanding of the revised Australian Prudential Standards on bank liquidity. Some creative solutions may be needed.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.