June 2019

14Jun

Australian regulator slaps stricter conditions on AMP’s pension funds, shares fall

Australia’s banking watchdog on Friday said it had imposed stricter licensing conditions on AMP Ltd’s pension fund units following concerns regarding its compliance with superannuation laws, sending its shares down more than 4%. The move comes as the country’s largest listed wealth manager works to rebuild its brand after revelations of serious wrongdoing at an inquiry into the financial sector last year, including the charging of fees for services not rendered. Responding to the Australian Prudential Regulation Authority (APRA),...

June 14, 2019
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03Jun

Pension fund AustralianSuper to open NY office, hire in London in offshore push

AustralianSuper, the country’s largest pension fund, plans to open an office in New York next year and expand its operations in London as part of a strategy to invest in and directly manage more offshore assets, Chief Executive Officer Ian Silk said. The fund, projected to reach A$300 billion ($207.72 billion) in assets in five years, is forecast to increase its allocation to overseas investments from about half to about 60% by 2024, Silk said at a business lunch...

June 3, 2019
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May 2019

30May

Australia. Accountants seek voice in retirement advice provision

Accountants have sought a place at the table when the Government initiates a review of the retirement income system, suggesting an essential element is proving access to affordable financial advice. The Institute of Public Accountants (IPA) has welcomed a recent announcement by the Treasurer, Josh Frydenberg that he will be commissioning a review of the retirement income system which will be inclusive of the interfaces between superannuation, government pensions and taxation. Commenting on the move, IPA chief executive, Andrew...

May 30, 2019
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28May

Pension pressures: The future of Australia’s key seniors’ payment

Australia’s age pension appears under increasing pressure. Seniors are living for longer while the workforce that pays the taxes that help fund pensions is a shrinking proportion of the population. It might worry people that the money tap will run dry, but finance specialists say the future of this vital government payment looks safe. They say the growing size of superannuation nest eggs will continue to ease the strain on the public purse, and future governments still have plenty...

May 28, 2019
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21May

Australia. Tony Abbott’s Going to Make Way More Money After Losing His Job

Tony Abbott lost his job over the weekend. The former Australian prime minister, onion muncher, and long-term MP for the north Sydney electorate of Warringah suffered a crushing defeat at the hands of Independent underdog Zali Steggall on Saturday night, bringing his political career to an abrupt and somewhat humiliating end. “I can’t say it doesn’t hurt to lose,” he told his supporters on election night, after conceding to Steggall. “So be it. I’d rather be a loser than...

May 21, 2019
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20May

Three Economic Myths about Ageing: Participation, Immigration and Infrastructure

By Dr Cameron K. Murray, Leith van Onselen Population ageing due to longevity is one of the greatest successes of the modern era. However, it is widely thought to dramatically reduce workforce participation and overall output resulting in significant economic costs. This widely held view is wrong. Ageing countries have higher economic growth and the improved health and longevity of older people increases their economic contributions. High immigration is also thought to combat population ageing and be a remedy...

May 20, 2019
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20May

Three economic myths about aging

Population ageing due to longevity is one of the greatest successes of the modern era. However, it is widely thought to dramatically reduce workforce participation and overall output resulting in significant economic costs. This widely held view is wrong. Ageing countries have higher economic growth and the improved health and longevity of older people increases their economic contributions. High immigration is also thought to combat population ageing and be a remedy for these non-existent costs of ageing. This is...

May 20, 2019
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07May

Australia Pension Giant Doubles Down on Push for Woman Directors

BAustralia’s largest pension fund is doubling down on its campaign for more women on boards. With almost all of the top 200 listed companies now having at least one female director, AustralianSuper Pty is raising the bar and pushing for at least two women board members, said Andrew Gray, director of ESG and stewardship at the Melbourne-based fund. That puts more than a quarter of companies in the benchmark S&P/ASX 200 Index in the A$154 billion ($108 billion) fund’s...

May 7, 2019
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01May

Australia. Self-funded retirees could earn less than age pension

Labor’s policy to end cash refunds for franking credits is a contentious topic – and for good reason. It's a policy that could reduce some retirees’ incomes by up to a third. Consider retirees Alan and Bev, both in their 80s. They have a modest home worth $400,000, a 10-year-old car, a caravan and a small amount of cash that they hold for emergencies. They have built up a nest egg of about $800,000 in a share portfolio they hold...

May 1, 2019
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April 2019

04Apr

Australian Pension Funds in Talks to Create $78 Billion Giant

Two of Australia’s biggest pension funds are exploring a merger that would create a retirement-savings giant with more than A$110 billion ($78 billion) in assets under management. First State Super and VicSuper Pty signed a non-binding memorandum of understanding and believe a merger could “deliver significant benefits to members,” according to a statement Thursday. A recommendation to the pair’s respective boards is expected around the middle of the year. Consolidation in Australia’s A$2.8 trillion pension industry is gathering pace...

April 4, 2019
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