Post on 06-Aug-2015
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DATA REPORTING
The Australian Prudential
Regulation Authority (APRA) has
written to super fund RSEs
proposing greater data
collection by super funds to
satisfy data requirements of the
Australian Bureau of Statistics
(ABS), commencing January
2016. APRA is inviting written
submissions to the consultation
process, with a deadline of 17
April 2015.
Source: APRA
SUPER GUARANTEE
The Australian Institute of
Superannuation Trustees (AIST)
has urged the Government to
reject calls from the Board of
Taxation to change the
superannuation payment
threshold for low income and
casual workers to $1,350 a
quarter. AIST CEO Tom Garcia
said any move to raise the
exemption threshold would
unfairly penalise low income
workers who already faced a
myriad of challenges saving
enough for retirement.
AIST has renewed its long-
standing call for the complete
removal of the $450 monthly
superannuation payment
threshold, arguing all workers
should be entitled to
superannuation payments.
Source: AIST
SUPER INVESTMENTS
VicSuper has awarded a new
$100 million mandate to global
fixed interest manager Payden
& Rygel (P&R) as part of its
alternatives strategy. The P&R
absolute return strategy aims to
generate gross returns of 2.5%
above the 3 month AFMA Bank
Bill Swap Rate over the medium
term. This is the second time
VicSuper have awarded
Payden & Rygel, which had an
initial mandate of $110 million in
2012 to manage a portfolio of
diversified global fixed interest
assets. This has since grown to in
excess of $300 million today.
Source: Professional Planner
MEMBER ENGAGEMENT
Research conducted by Super
Review during November's
Association of Superannuation
Funds of Australia (ASFA)
conference in Melbourne found
that 73 per cent of respondents
believe that more than half
their members had an
inadequate understanding of
insurance inside super. They
were slightly more positive
about member understanding
than they were a year earlier,
with a similar survey conducted
in 2013 receiving a response
rate of 76 per cent.
Source: Super Review
SMSF GROWTH
The transfer of funds under
management from APRA-
regulated funds to SMSFs
appears to be slowing,
according to consulting firm Tria
Investment Partners. Based on
analysis of the ATO's SMSF data
for the 2013 year, net inflows to
SMSFs in 2013 was the weakest
since at least 2006.
Source: Tria Partners
INSURANCE CLAIMS
The retail income protection
market has "basically made no
money" over the past five years
due to the increase in mental
health claims, says TAL boss Jim
Minto. Mr Minto, who is the
Group Executive of TAL and an
executive officer at Japanese
parent company Dai-ichi Life,
told InvestorDaily that mental
health is “as big an issue for
retail [life] insurance as it is for
group insurance”.
Source: Investor Daily
APPOINTMENTS
Financial Services Provider IOOF
has hired former BT Financial
Group Key Account Manager,
Daniel Dalton, as the new
National Sales Manager of its
investment sales team.
Source: Investor Daily
SuperBrief Independent & Concise
Issue #4 of 2015: Friday, 30th January