May 2024
15May

Google borra accidentalmente cuenta de fondo de pensiones de 125 mil millones de dólares

En un incidente sorprendente, Google ha cometido un error que resultó en la eliminación accidental de la cuenta privada de Google Cloud de UniSuper, un fondo de pensiones australiano que maneja un colosal fondo de 125 mil millones de dólares. El error dejó a más de medio millón de miembros del fondo UniSuper sin acceso a sus cuentas durante aproximadamente una semana, según lo informado por The Guardian. Afortunadamente, UniSuper contaba con una cuenta de respaldo con otro proveedor de servicios...

May 15, 2024
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15May

Google Cloud Accidentally Deletes Australian Superannuation Fund’s Data

The Australian superannuation fund UniSuper had its private cloud data deleted accidentally earlier this month, disrupting the fund’s services for the past couple of weeks. A configuration problem caused Google Cloud to delete UniSuper’s account. UniSuper, which has AUD 125 billion ($82.73 billion) in assets serving more than 615,000 beneficiaries, is working with Google Cloud to restore and backup the fund’s data. UniSuper said in a statement that it had backups of its data with a separate provider. UniSuper’s systems...

May 15, 2024
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April 2024
22Apr

Australian pension majors line up against Woodside ahead of AGM climate vote

Two of Australia's largest pension funds said on Monday they are voting against Woodside Energy's climate plan, ahead of its annual meeting on Wednesday, where the company's chairman is facing rare opposition from major investors. Aware Super, which manages A$170 billion ($109 billion) has voted against Woodside's climate transition action plan and the re-election of chair Richard Goyder to signal its displeasure over the company's efforts to cut emissions, according to a statement on Monday. “This decision has not been taken...

April 22, 2024
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March 2024
27Mar

Australia. New Law Boosts Affordable, Accessible Financial Advice

Today, the Albanese Government has introduced the first tranche of legislation to deliver its comprehensive package of reforms to ensure Australians have access to quality and affordable financial advice. There are over five million Australians at or approaching retirement who need assistance to navigate the pension and superannuation systems. Unfortunately, the average cost of financial advice puts professional advice out of reach for many Australians. The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 implements reforms which...

March 27, 2024
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January 2024
31Jan

Australia regulator scrutinises pension funds over unlisted asset pricing

Australia's prudential regulator said on Wednesday it will review how sections of the A$2.5 trillion ($1.7 trillion) pension fund sector value unlisted assets and that it is already working with several funds whose practices need to improve. As part of its supervision priorities for the next six months, the Australian Prudential Regulation Authority said it will conduct a "deep dive review" into valuation practices at a number of large and mid-sized pension funds. The unnamed funds have material holdings of unlisted...

January 31, 2024
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December 2023
01Dec

Australia pension funds call for reforms to encourage green energy investment at home

Australian pension funds called on Friday for the government to enact reforms that would make it easier to invest in domestic renewable energy projects and warned that without action investors would opt for more compelling overseas projects. Australia's electricity transmission network, batteries and sustainable aviation fuel are three areas where simplified planning, subsidised finance and other regulatory changes could catalyse investment, according to a report released by eight major pension funds. Changes could quickly unlock A$4 billion ($2.7 billion) worth of...

December 1, 2023
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November 2023
27Nov

Australian pension fund makes £5.25bn commitment to UK

Calls for UK pension schemes to invest more in the economy have been renewed following the news that Australian pension fund, Aware Super, is looking to direct a A$10bn (£5.25bn) investment commitment in the UK and Europe. Announcing the investment at the Global Investment Summit, Aware Super said that it has plans to expand its assets under management, with international expansion into the UK a key strategy aimed at achieving that goal. The fund, which officially opened its first international office...

November 27, 2023
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October 2023
18Oct

Australia pension fund plans up to $1.3 bln in clean energy investment

Australia's third-largest pension fund expects to invest up to A$2 billion ($1.3 billion) in a venture specialising in smaller-scale solar and battery installations as the country overhauls its electricity network to produce clean energy. Aware Super, which manages A$160 billion, announced on Wednesday a A$300 million partnership with Birdwood Energy to finance distributed renewable energy projects, and expects its investment to grow to up to A$2 billion as more projects become ready for financing. The partnership's planned investments in smaller-scale projects,...

October 18, 2023
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September 2023
29Sep

Motivated Saving: The Impact of Projections on Retirement Contributions

By George Smyrnis, Hazel Bateman, Loretti Dobrescu, Ben R. Newell & Susan Throp Projections of future benefits can assist pension plan participants prepare for retirement. Here we measure the effects of projections of retirement incomes and lump sum balances on voluntary contributions and plan interactions of retirement savers. Data from a two-year field trial in a large Australian pension plan show that the frequency and average amount of participants’ voluntary contributions and interactions with the plan rose significantly in the...

September 29, 2023
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27Sep

Comparing ESG regulation globally remains elusive – report

Comparing global regulatory demands on ESG funds will continue to be elusive, according to a regulatory update from ISS ESG published Sept. 21. Experts at the Institutional Shareholder Services' sustainable investment arm reviewed current and proposed regulations in the European Union, U.K., U.S., Canada, Australia, Hong Kong, Singapore and Japan, and surmised "that navigating the emerging regimes will remain a challenge for the foreseeable future," the 2023 Global Regulatory Update said. It noted that two major sustainability reporting standards were finalized in 2023:...

September 27, 2023
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