Superannuation Alert 29.10.15

Financial Services eBulletin - 29 October 2015

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

  • On 19 October 2015, Mercer released the 2015 Melbourne Mercer Global Pension Index Report, which measures 25 retirement income systems in terms of adequacy, sustainability and integrity. A media release published on the same day explains that Australia ranked 3rd out of the countries measured with a score of 79.6; down from a score of 79.9 in 2014.

  • On 22 October 2015, the SCT's 2015 Annual Report was tabled in Parliament. The report notes that the SCT received 2,688 written complaints and that 1,739 written complaints were resolved or withdrawn. The report also explains that of the written complaints received, 49.2% were administration complaints, 28.7% were death complaints and 22.1% were disability complaints.

  • On 22 October, APRA released the opening statement of APRA chairman, Wayne Byres, with respect to his appearance before the Senate Economics Legislation Committee on the same date. Mr Byres explained (among other things) that "APRA supports the direction of the proposed changes in the [Superannuation Legislation Amendment (Trustee Governance) Bill 2015] as they will more closely align board composition requirements for the superannuation industry with those of other APRA-regulated industries."

  • On 23 October 2015, the Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2015 (No. 2) was registered. The determination outlines the industry contribution levy and the Explanatory Statement to the determination explains that "the percentage of AUSTRAC’s costs to be recovered from industry has increased from 70% in 2014-15 to 90% in 2015-16."

  • In an undated website release, the SCT announced that it has appointed Robin Creyke, Amanda MacDonald, Beth McConnell and Hayley Pope, and reappointed Stephen Duffield and Graham Rogers, as part-time members of the SCT.

Further information

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