Independent and concise superannuation industry news from QMV

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FEDERALBUDGETSUBMISSIONS
In its submission to the
Commonwealth treasury, the
SMSF Association (SMSFA,
formerly known as the SPAA)
has made a number of
proposals to "reduce red tape
and complexity in the
superannuation system", such
as the removal of the 10 per
cent income test for claiming a
tax deduction on personal
superannuation contributions,
as well as maximum age limits
on voluntary contributions to
super.
Source: SMSF Adviser
In their pre-budget submission,
the The Financial Services
Council (FSC) have
recommended an increase in
the preservation age to 65, as
well as a review on whether the
income and asset tests for the
age pension are too generous
and if the long-term cost of the
pension is sustainable..
Source: Financial Services Council
AWARDS
MLC corporate super provider
Plum has received the Retail
Super Fund of the Year award
for the second year in a row at
the Roy Morgan Customer
Satisfaction Awards in
Melbourne.
Source: Financial Standard
STATISTICS
Total superannuation assets as
of 31 December 2014 rose to
$1.93 trillion, an increase of 9.3
per cent from the December
2013 quarter, according to the
Australian Prudential Regulation
Authority (APRA) Quarterly
Superannuation Performance
publication and Quarterly
MySuper Statistics report.
Source: APRA
APRA’s Quarterly Life Insurance
Performance Statistics
publication for the December
2014 period shows net premium
for the industry during the
period was $62.3 billion, up from
$47.4 billion in the previous year.
Net policy payments for the
industry for the same period
were $61.2 billion, up from $44.4
billion in the previous year.
Source: APRA
SUPERPOLICY
Chief executive of the SMSF
Association, Andrea Slattery has
reminded both government
parties of their bipartisan
commitment at the last Federal
Election to not unnecessarily
tinker with the superannuation
policy settings during the
opening of her association's
nation conference in
Melbourne
Source: Super Review
RETIREMENTPLANNING
Australians believe super will
only contribute to around one
third of their retirement,
according to new research by
ING Direct. Superannuation is
expected to represent 35.8% of
the retirement nest egg, while
the government pension sits at
30.5%. The remainder is made
up of other sources such as
investments and inheritance.
Source: ING Direct
TRIBUTES
The Superannuation Industry
has paid tribute to super
pioneer Mavis Robertson who
passed away Tuesday aged 84.
Mavis began championing
equitable and universal access
to superannuation in the early
1980s, and was a founding
member of the Conference of
Major Super Funds (CMSF),
Australian Institute of
Superannuation Trustees (AIST),
Women in Super, and the
Australia Council of Super
Investors (ACSI).
Source: Industry Super
APPOINTMENTS
MLC has promoted Kathy
Vincent to general manager for
retail wealth platforms position,
following the departure of
Dean Thomas in January.
Source: Investor Daily
SuperBrief Independent & Concise
Issue #7 of 2015: Friday, 20th
February