The Australian Prudential Regulation Authority (APRA) said the conditions apply to AMP Superannuation Limited and N.M. Superannuation Proprietary Limited, collectively known as AMP Super.
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The New Zealand Superannuation makes fortnightly payments to people aged 65 and above.
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At A$2.6trn, Australia's superannuation pot is now one of the world's largest.
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The government announced tougher tax rules on superannuation in this year's budget proposals.
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The companies are also not obliged to pay them weekend penalty rates or superannuation.
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She is speaking at a conference for the Australian Institute of Superannuation Fund Trustees.
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Pacific Consortium includes Macquarie Group Ltd, Morgan Stanley Infrastructure and First State Superannuation Scheme.
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Kant will remain in the position until the date of her superannuation on Sept.
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Responding to the Australian Prudential Regulation Authority (APRA), the 170-year-old company said it would "fully implement" the additional requirements dictated by the regulator at pension fund units AMP Superannuation Limited and N.M. Superannuation Proprietary Limited, collectively known as AMP Super.
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"We can't vote for Labor when they want to lower our superannuation," said Robyn Marlow.
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For instance, contributions to superannuation funds in Australia may be subject to taxes, said McKeegan.
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In March, Westpac realigned its Private Wealth, Platforms & Investments, and Superannuation businesses into a new Business division.
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That almost matched a 97 pence a share takeover bid from Britain's pension fund Universities Superannuation Scheme.
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Brown is the chief investment officer of the National Superannuation Fund Ltd (NASFUND) in Papua New Guinea.
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Most of this caring work is unpaid, or attracts only a small benefit, and with no superannuation.
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But the Paris Opera's superannuation fund is much older: Retirement privileges for dancers have existed since 1698.
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The KKR-backed group also includes Macquarie Group Ltd , Morgan Stanley Infrastructure and First State Superannuation Scheme.
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First State Super is poised to become Australia's second-largest superannuation fund with about A$120bn in funds under management from 1.1m Australians after its proposed merger with Victorian Superannuation Fund, which is expected to be completed by mid-2020, further cementing its position in the Australian institutional market.
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Orr's later tenure at the New Zealand superannuation fund has been highly regarded by economists and financial markets.
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The superannuation system there that's something where there's mandatory savings and so the investment assets are going up.
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The result of this is that gig workers are not entitled to minimum wage, superannuation, or sick leave.
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For a start, it is targeting Colonial First State (owned by Australia's Commonwealth Bank Group) and AMP Superannuation.
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PAUL KEATING, a former prime minister of Australia, calls the country's superannuation system "the envy of the developed economies".
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On Friday, Australia's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry released its interim report.
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Australia's giant superannuation industry is also reeling under high costs and financial planning scams that have put off retirees.
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Working conditions: Australia's generous paid annual leave and superannuation makes working conditions some of the best in the world.
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We surveyed 138 people about their attitudes to, and preferences for, superannuation advice from a human or a computer.
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ASIC also would increase its scrutiny of the A$2.6 trillion retirement funds sector, called superannuation in Australia, Morrison said.
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Australia's Superannuation program, for example, requires employers to deposit at least 9.5 percent of each worker's earnings into a fund.
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Though the app has been pulled, Twitter user Superannuation grabbed a bunch of screenshots of it before it was taken down.
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Tony Farnham, an economist with Patersons Securities, said individuals have been buying shares ahead of July 1, when superannuation regulations change.
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An Australian company, DomaCom attempted to crowd fund about A$400 million from self-managed superannuation investors to purchase S. Kidman.
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"Members of superannuation funds, like most beneficiaries, are vulnerable ... many are disengaged and disadvantaged by a lack of financial literacy," Hodge said.
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Former PM Key had promised to resign if the government raised the age of eligibility for superannuation, according to Radio New Zealand.
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Kenneth Hayne, a retired judge, is leading the year-long Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
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Kiwibank is directly owned by New Zealand Post, New Zealand Superannuation Fund and Accident Compensation Corporation, which are all sovereign-owned entities.
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Fitch expects Queensland's general government net debt ratios, including the surplus on the superannuation funds, to remain in line with higher rated peers.
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This system, known as "superannuation" or "super", has not replaced public pensions altogether, but has allowed the government to make them more miserly.
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Pension assets totalled A$2.6 trillion at the end of the December 2017 quarter, according to the Association of Superannuation Funds of Australia.
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APRA was expected to strengthen its supervisory and enforcement roles, including on "governance, culture and remuneration" and to enhance regulation of superannuation funds.
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The government has several measures to reduce the budget deficit, including restricting tax advantages on superannuation and restraining health, education and welfare spending.
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According to its website, there are about 2,300 superannuation entities registered with APRA, about 200 of which were large public or corporate funds.
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Later that year the Royal Commission was set up to inquire and report on misconduct in banking, superannuation and financial services in Australia.
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Local drivers are making a push to be classified as employees, which would entitle them to full benefits, like sick days and superannuation.
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One class bought various Petrobras securities from January 2010 to July 2015 and will be led by Universities Superannuation Scheme of Liverpool, England.
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Pension assets totaled A$2.6 trillion at the end of the December 2017 quarter, according to the Association of Superannuation Funds of Australia.
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ANZ said on Wednesday it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
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Spaceship, which bills itself as the "super fund for millennials," is creating a new style of superannuation fund that will invest predominantly in technology.
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Superannuation fund-owned IFM Investors, one of the country's largest infrastructure investors, also told Reuters it was expanding its listed equities business outside Australia.
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Earlier this month, ANZ said it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
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MEIF offered 120.3 pence per KCOM share, valuing the company at 627 million pounds ($787.51 million), whereas Universities Superannuation bid 113 pence per KCOM share.
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Lawyers leading the inquiry in September said IOOF had broken superannuation laws by using pension money belonging to its customers to reimburse for wrongful losses.
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Australia's banking regulator on Monday said it would allow wealth manager IOOF Holdings Ltd to hold controlling stakes in superannuation licenses currently owned by ANZ.
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It said one example was a superannuation fund parking its cash holdings with a parent bank which then paid interest below rates available from other institutions.
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The court document showed filings from Templeton Investment, Tweedy Brown, and the Universities Superannuation Scheme, which have all been publicly critical of Akzo's rejection of PPG.
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Investors are switching from listed managers into private profit-for-member funds established to provide for the retirement of workers - known locally as industry superannuation funds.
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One class approved by Rakoff bought various Petrobras securities from January 2010 to July 2015 and will be led by Universities Superannuation Scheme of Liverpool, England.
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We did this by exposing 101 people to an online calculator, in which they learned how increasing their superannuation contributions would change their income in retirement.
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By day three I'd sorted my tax, consolidated my superannuation, cleaned the house, called my grandparents, bought new socks and jocks… and re-started writing my book.
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"The ATO administers the taxation and superannuation laws fairly, and taxation laws require the Commissioner of Taxation to administer taxation laws independently," it said in a statement.
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NZ Post sold 13% of its holding in KGHL to New Zealand Superannuation Fund (NZ Super) and Accident Compensation Corporation (ACC), which are also sovereign-owned entities.
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NULIS became trustee of MLC Super Fund in mid-2016 after a reorganisation of the superannuation fund structures, which led to a transfer of members to MLC.
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Most Australians pay remarkably little attention to their superannuation, even though it makes up a significant portion of our overall wealth ( second only to the family home).
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For example, proposed changes by the Coalition to superannuation and corporate tax could be altered or blocked, while new measures may be initiated as part of negotiation processes.
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The Australian Council of Superannuation Investors (ACSI), which advises pension funds on how to vote at shareholder meetings, is also urging others to vote against bank executive pay.
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The bank is directly owned by New Zealand Post (NZ Post), New Zealand Superannuation Fund (NZ Super) and Accident Compensation Corporation (ACC), which are all sovereign-owned entities.
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ClearView added it would provide updates when possible about the situation of Brown, who is the chief investment officer of the National Superannuation Fund Ltd (NASFUND) in PNG.
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At 68, Mr. Corbyn is in many ways a British version of Senator Bernie Sanders of Vermont, except further left, to the point of superannuation, many once believed.
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"It's been about lining their own pockets, about propping up their profits and undermining the entire superannuation scheme," Slater & Gordon head of class actions Ben Hardwick told reporters.
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The outcome defied recommendations from the Australian Shareholders Association, the Australian Council of Superannuation Investors and proxy adviser Ownership Matters calling for a vote to appoint independent directors.
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AMP says the strategy will direct investment to higher-growth businesses in wealth management such as services for self managed superannuation, and AMP Bank and the successful AMP Capital.
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Earlier this month, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investment Commissions (ASIC) started a review here of superannuation fees and existing levels of governance.
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The Taskforce's global Project Manager, Melbourne-based Bronwyn King, has persuaded more than 24.06 Australian superannuation funds to ditch tobacco but the campaign faces a tougher challenge in Europe.
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The government ordered operators of pension funds, known as superannuation funds in Australia, to move customers with default investment options to the cheaper and simpler MySuper product in 2014.
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The Association of Superannuation Funds of Australia (ASFA), an industry body, said agriculture was an emerging investment asset, but the industry representative had concerns over the reliability of returns.
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The claim concerns an attempt to remove and replace the current fund manager of the Pacific Balanced Fund by Brown's employer National Superannuation Fund, ClearView said in a statement.
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The bill, which needs to be approved by parliamentarians, would ban the charging of so called "exit fees" to customers who want to change retirement funds, locally called superannuation.
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AMP said its flagship wealth management unit would be hit the hardest if the legislation is passed as it would have to transfer about 370,000 low-balance superannuation accounts.
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Australia's A$2.1 trillion pool of tax-advantaged retirement savings, know locally as "superannuation" or "super" funds is among the world's largest after the U.S., UK, Japan and Canada.
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At the company's annual general meeting on Thursday, Chairman David Murray told shareholders the inquiry had damaged AMP more than other institutions due to its focus on advice and superannuation.
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In the wake of that scandal, APRA analysed the self-assessments of 36 of Australia's top banks, insurers and superannuation licensees in relation to their corporate governance, accountability and culture.
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Wealth managers also weighed on the index after the country's banking regulator imposed stricter licensing conditions on AMP Ltd's pension fund unit over concerns regarding its compliance with superannuation laws.
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But Louise Davidson, CEO of the Australian Council of Superannuation Investors (ACSI) which represents 39 large funds, said shareholders had sent a "loud message" that Westpac's pay practices needed to change.
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But Louise Davidson, CEO of the Australian Council of Superannuation Investors (ACSI) which represents 39 large funds, said shareholders had sent a "loud message" that Westpac's pay practices needed to change.
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A report commissioned by Anglicare showed tax benefits for pension savings, known locally as superannuation, plus capital gains to the richest 20 percent cost taxpayers more than A$60 billion year.
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The new superannuation, or retirement, fund would have about A$120 billion ($84.3 billion) in assets under management servicing over 1.1 million workers, the nonprofit funds said in a joint statement.
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The government said the ASIC money would help fund more enforcement actions, the embedding of staff at major institutions, and to deliver on an expanded mandate to monitor the superannuation sector.
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Over the past two weeks, the Royal Commission has revealed examples of major breaches of responsibility, dishonorable conduct and fee-gouging by institutions that hold workers' retirement accounts, known as superannuation locally.
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LONDON, Aug 22 (Reuters) - British insurer Pension Insurance Corp has completed a 230 million pound ($301.00 million) pension insurance 'buy-in' with the trustee of Pilkington Superannuation Scheme, PIC said on Monday.
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Measures will include a projected net debt (adjusted for the surplus on the superannuation scheme) to current revenue ratio of around 60% by FYE20 and operating margins in the 5%-7% range.
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A merger was a "proactive step for the two funds, and one that's very much aligned with the growing trend of consolidation across the superannuation industry," the funds said in a statement.
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Australia's Federal Court found last year that Westpac and its funds management division had failed to treat customers honestly when it asked them to shift their superannuation savings into the lender's accounts.
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Elkins also told the inquiry the bank had rejected advice from the banking and superannuation regulator in 2014 to promptly transfer 60,000 members to low cost retirement funds due to operational risks.
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Distinguishing between people who were initially more engaged or less engaged with their superannuation, our study showed that the online calculator had a greater impact on those who were initially less engaged.
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The government's own tax reform plans remain unknown, although it is known to be considering a commitment to reducing the corporate tax rate over an extended period and paring back superannuation tax concessions.
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The Australian Council for Superannuation Investors (ACSI), which advises pension funds on how to vote at shareholder meetings, said their reliance on imported goods meant Australian companies were particularly exposed to such risks.
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Australian wealth managers have benefited from heavy cash inflows into superannuation funds - stacked mainly with local shares - with the pool expected to double to $3 trillion in 10 years, according to several estimates.
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As one of few black women in leadership positions in finance, Ms. Hobson said she understood why she was so often called upon to discuss diversity rather than, say, superannuation funds in Australia.
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SYDNEY, June 14 (Reuters) - Australia's banking watchdog on Friday said it had issued directions and license conditions on AMP Ltd's pension fund units to force it to comply with regulations governing the superannuation industry.
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Almost immediately this drew attention to such unfunded liabilities as the defined-benefit public superannuation obligations in respect of public-sector employees and the government's housing liability in the event of a severe earthquake.
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" Raftery teaches estate planning, a postgraduate class which he describes as "a mixture of law, superannuation, tax and financial planning — and would be one of the hardest they will encounter in their whole course.
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Morrison gifted tax concessions to first-home buyers by allowing them to save a maximum of A$30,603 extra in their superannuation funds, which incur lower taxes than other savings, toward their housing deposit.
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Australia's A$2.1 trillion pool of tax-advantaged retirement savings, known locally as "superannuation" or "super" funds, is among the world's largest after the U.S., Britain, Japan and Canada, showed data from consultancy Deloitte.
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The consortium, also including Morgan Stanley Infrastructure and First State Superannuation Scheme, has the advantage of not needing approval from the competition regulator, which is closely examining the offer from Tabcorp, Australia's biggest bookmaker.
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"The simplified approach provides the opportunity to focus on improving returns and capital efficiency from our insurance, superannuation and investments product business given higher regulatory capital requirements," CEO Shayne Elliott said in a statement.
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Wealth manager IOOF Holdings Ltd bucked sectoral trend to end 0.6% higher after Australia's banking regulator on Monday said it would allow IOOF to hold controlling stakes in superannuation licenses currently owned by ANZ.
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"When people are self-employed, their tendency to set aside money for retirement is secondary to their need to maintain cashflow for the business," said Martin Fahy, the chief executive of Australia's superannuation industry body.
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The Federal Court found that Westpac's sales campaign in 2014 that involved contacting customers and asking them to shift superannuation funds into the company's accounts did not amount to providing financial advice against licence conditions.
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The scandal-hit company said its flagship wealth management unit would be most affected if the legislation is passed, and would have to transfer about 370,000 low balance superannuation accounts to the Australian Tax Office.
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Tell us a little bit more about this because it has drawn some criticism from, I guess some, certain parts of the community about Australian superannuation or Australian pension funds being poured into U.S. infrastructure.
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SYDNEY (Reuters) - 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%.
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"None of us should have a tin ear to the public's view about a number of issues, including superannuation," Immigration Minister Peter Dutton told the Daily Telegraph newspaper, referring to proposals on tax breaks for pensions.
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In this scenario, the Coalition may be unable to pass this year's budget, the $18 billion worth of unlegislated savings from previous budgets, and its flagship policies on corporate tax cuts and superannuation, the note added.
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An industry-wide crackdown on poor financial advice and high fees, recent proposed changes to mandatory retirement - or superannuation - regulations and the emergence of digital players and those offering international products are hurting AMP, analysts said.
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Louise Davidson, CEO of the Australian Council of Superannuation Investors (ACSI), which holds AMP shares, said the exit of four women from senior roles at the firm raised concerns for gender diversity as the board rebuilds.
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Under the changes, Joyce Phillips, who led the division since its formation in 2012, would leave while the bank would form a new division known as Australia Wealth focussed on insurance, superannuation and investment, it said.
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The country does have a gender gap in retirement savings through superannuation, with a recent report from the Australian Bureau of Statistics showing that women reach retirement with about 37 percent less in savings than men.
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UniSuper, a A$85 billion($53 billion)superannuation fund for the higher education and research sector, said that while short-selling contributed to market efficiency in a normally functioning market, this was not such a time.
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A merger was "broadly seen as a progressive and proactive step for the two funds, and one that's very much aligned with the growing trend of consolidation across the superannuation industry," the funds said in a statement.
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Britain's takeover regulator said last week it would auction KCOM after the Humber Bidco unit of British pension fund Universities Superannuation Scheme Ltd (USSL) and MEIF 6 Fibre failed to make a final offer for the company.
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The Universities Superannuation Scheme (USS), one of Britain's biggest pension schemes, has agreed to buy a majority interest in a $3.1 billion portfolio of loans made by Credit Suisse to the funds, underpinned by loans to companies.
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We should also consider the potential for fintech to make the areas connected to banking more efficient, including insurance, wealth management and superannuation, Alex Scandurra, CEO of Sydney fintech hub Stone & Chalk, told Mashable Australia over email.
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To help free up larger homes for younger families, from July 1 2018, older Australians considering downsizing will be allowed to contribute up to A$300,000 from the sale proceeds into superannuation as a non-concessional contribution.
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GAM said it has seen growing interest from Australian superannuation funds for its products such as one backed by insurance-linked securities, and another that invests in derivatives based on equities, fixed income, currencies and commodities (FICC).
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"Australians are not, as a general rule, reviewing the performance of their superannuation funds, comparing that performance to other funds and making rational choices as to whether they should remain with their fund or switch," Hodge said.
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The openness of younger people is encouraging, as they tend to be the most disengaged from their superannuation, but also have the most to gain from getting it right (as the benefits will build up for longer).
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"The reference to his house and superannuation and his specification that the applicant was to take her own things indicates he was aware of the nature and extent of his estate, which was relatively small," Justice Brown said.
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The state estimates that general government direct debt was AUD33.9 billion at the end of the financial year to June 2017 (FYE16: AUD35.5 billion) as Queensland utilised some of the surplus on the superannuation scheme to repay debt.
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This is mitigated by the fact that a large proportion of QTC's debt is self-supporting as it is raised for state-owned entities, and the AUD9.15 billion in investments held in excess of the state's superannuation liability.
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"Our research shows that contingent and part-time workers are missing out on A$150 million a year in super payments," said Damian Hill, chief executive of REST Super, a superannuation fund with A$39 billion in assets.
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"Assessed as a whole, it is submitted that this behaviour indicates a disregard on the part of the NAB Group for members of the relevant superannuation funds, for regulators and for the law," the 223-page report noted.
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The unsolicited approach for a 50.4 percent stake in Ausgrid was made by IFM Investors, which invests on behalf of 29 domestic superannuation funds, and AustralianSuper, which says it holds the pensions of one in six working Australians.
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Lawyer Suzanne Mackenzie, the former chair of the Superannuation Committee of the Law Council of Australia, told Reuters the hearing raised questions about whether the firm was meeting its legal obligations to act in the interests of members.
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"Assessed as a whole, it is submitted that this behavior indicates a disregard on the part of the NAB Group for members of the relevant superannuation funds, for regulators and for the law," the 2.6-page report noted.
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Transurban Queensland is owned by Transurban Group (62.5%) (Bloomberg ticker: TCL AU), Australia's largest toll road operator, AustralianSuper (25%), Australia's largest superannuation fund, and Tawreed Investments Limited (12.5%), a wholly-owned subsidiary of Abu Dhabi Investment Authority ("ADIA").
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Thanks to Australian laws requiring employers to contribute at least 21.4646% of a worker's salary to a pension, superannuation funds, as they are known locally, are the world's third-largest pool of pension assets, worth about $1.9 trillion.
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Macquarie-backed MEIF 6 Fibre Limited had intended to offer 108 pence per share for the company in June, 11 pence higher than that submitted by Humber Bidco, owned by British pension fund Universities Superannuation Scheme Ltd (USSL).
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Investors led by Universities Superannuation Scheme Limited, which manages more than $50 billion for British university teachers, and its co-plaintiffs claim that Petrobras failed to properly inform them of corruption-related losses that helped push its share price down.
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Australia's A$2.1 trillion pool of tax-advantaged retirement savings, known locally as "superannuation" or "super" funds is larger than the country's gross domestic product and among the world's largest pension-fund pools after the United States, UK, Japan and Canada.
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The Royal Commission inquiry into financial services misconduct began earlier this year and this month shone a spotlight on the country's A$2.6 trillion ($1.90 trillion) superannuation or pension funds, many of which are owned by the country's largest banks.
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The charge had been levied in August 2018 in light of a claim by the Melanesian Trustee Services regarding an attempt to remove and replace the current fund manager of the Pacific Balanced Fund by Brown's employer, National Superannuation Fund.
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Linda Elkins, executive general manager of CBA's funds management unit Colonial First State, told the Royal Commission its superannuation trustee discovered in 2015 that some estates of dead people were being charged fees but the firm had failed to respond adequately.
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The A$90bn superannuation fund joined a A$2.15bn loan supporting Brookfield Asset Management's leveraged buyout of Australian hospital operator Healthscope in September and a A$405m five-year loan in July for AATS Holdings' acquisition of Transport Australia Group.
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Documents read at the Royal Commission on Tuesday showed the CBA failed to comply with a law introduced in 2014 to provide low-cost retirement funds — dubbed superannuation funds — to some clients who did not choose a specific retirement savings product.
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Prime Minister Scott Morrison last week called on Westpac's board to take the "appropriate decisions" and the Australian Council of Superannuation Investors (ACSI) said it would engage with the board ahead of the AGM about how to rebuild public trust.
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To compound their problems, on July 29th it emerged that the Universities Superannuation Scheme (USS), the sector's main pension pot, has a £17.5bn ($23.2bn) deficit, half the annual income of British higher-education institutions, and up from less than £9bn last year.
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The removal was the final stage of an October 2016 shareholder change that saw NZ Post sell 47% of its holding in Kiwibank's parent, Kiwi Group Holdings Limited (KGHL), to sovereign-owned New Zealand Superannuation Fund (NZ Super) and Accident Compensation Corporation (ACC).
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Australia's retirement system consists of a means-tested pension paid to those whose income is under a certain limit, and a compulsory company pension plan known as superannuation, which requires employers to contribute 9.5 percent of a worker's wages to a fund.
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WELLINGTON, Oct 5 (Reuters) - New Zealand infrastructure company Infratil Ltd on Wednesday announced that it would invest up to $100 million in U.S. renewable energy firm Longroad Energy Holdings and own 90 percent of the business in conjunction with the New Zealand Superannuation Fund.
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One investment manager at a major Australian superannuation fund told Reuters that the bar on foreign bidders meant his fund would now look more closely at the asset, although he said it would take a long time to be in a position to bid.
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HONG KONG, Aug 250 (LPC) - Australian superannuation fund First State Super is planning to ramp up its domestic loan investments in the next two to three years, adding to the growing pool of non-bank investors as the country's institutional investor base continues to grow.
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It would cover the A$2.9 trillion ($2 trillion) compulsory pension system - the world's third-largest - which is called superannuation, the means-tested age pension on which the government spends over A$50 billion per year, as well as private savings, including home ownership.
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The Commissioner may conclude that "some (superannuation managers) are not, as they are obliged to do, prioritizing the interests of their members over the interests of others, including themselves and the groups of which they are parties," said Michael Hodge, a barrister assisting the year-long investigation.
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First State Super, Australia's third-largest superannuation fund with A$52 billion under management, is one of the few to dip its toe into agriculture with around A$300 million to A$400 million worth of assets and a plan to double that within five years.
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The bank contacted customers by mail and phone offering to help them shift money from other superannuation savings accounts as part of its sales campaign that boosted its own holdings by about A$650 million ($460 million) between 2013 and 2016, Gleeson said in a written judgement.
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Slater and Gordon said the planned class actions were triggered by a powerful inquiry into the conduct of the country's financial industry, which has heard that firms in the A$2.6 trillion ($1.85 trillion) superannuation, or pension, sector, had not acted in the best interests of investors.
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"Investors today sent a strong message to the boards of NAB and ANZ that they expect much higher levels of accountability for the misdeeds exposed by the Royal Commission," said Louise Davidson, the CEO of the Australian Council of Superannuation Investors (ACSI) which represents 39 large funds.
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This follows the completion of an ownership restructure, which saw NZ Post sell 47% of its shareholding in Kiwi Group Holdings Limited (KGHL), the holding company of Kiwibank, to New Zealand Superannuation Fund (25%) and the Accident Compensation Corporation (22%), which are also sovereign-owned entities.
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"SUPER" FUNDS' INFLOWS GUARANTEEDThe industry enjoys billions of dollars of guaranteed inflows a year, underpinned by a mandatory system where almost one-tenth of a worker's wage is deposited into a pension fund, known locally as a superannuation or "super" fund to be accessed at retirement.
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That decision came shortly after Australia rejected a China-led consortium bid to buy major cattle company Kidman & Co. Brett Himbury, the CEO of IFM Investors, which invests on behalf of 29 domestic superannuation funds, told Reuters the deal would be completed before the end of the year.
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Monday's ruling "sets the tone for the coming years and shows that the government doesn't need extra measures to protect companies (from hostile takeovers)," said attorney Jurjen Lemstra of Britain's Universities Superannuation Scheme, a pension fund manager with a 1.28 percent stake in Akzo that had supported Elliott's suit.
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Law firm Slater and Gordon, which is launching the suit, will allege that bank-owned superannuation funds — a form of pension plan — owe more than 1 billion Australian dollars to customers in over-inflated fees, and took extra profits from interest on such accounts, according to Australian media reports.
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This year the superannuation fund also joined two syndicated acquisition financings – the A$2.15bn five-year loan backing Brookfield Capital Partners' leveraged buyout of hospital operator Healthscope, which was completed recently, and a A$405.68m five-year loan completed in July for AAT for its purchase of Transport Australia Group.
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The company has raised $217 million from venture capital investors, including Khosla Ventures, NZ Superannuation Fund and Mitsui, and is now moving out of its testing phase and into the commercial application of its processes by working in Europe with ArcelorMittal, the worlds's largest steel company, and in Taiwan with China Steel.
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Paycheck (every 242 weeks): $73,27 (after tax and extra superannuation)# of Roommates: Husband and 2626 dogMonthly Expenses (Total Amounts)Mortgage: $220,982 (we pay an extra $457 per month on top of what we have to pay)Car Payment (2 cars): $457Utilities: $610 (rates, gas, electricity, internet, 2 mobiles)Insurance: $6572 (house, contents, 2 cars, pet, health)Uni Payments: Approx.
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"People have talked about (Foreign Minister) Julie Bishop, but when Bishop was shadow Treasurer she wasn't a big success," he said "Others have mentioned Treasurer Scott Morrison, who was the architect of the superannuation debacle... so he's on the nose with a lot of people in his party, but there's no obvious person in there who has been waiting."
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More from the CNN Freedom Project The Commission brings together leaders from the financial sector -- including microcredit pioneer and Nobel Laureate Muhammad Yunus, and those from Bridgewater Associates, ABN AMRO, Barclays, the Swedish National Pension Fund AP2, the New Zealand Superannuation Fund, and the UK's development finance institution -- with financial regulators, anti-slavery heads, and survivors of these crimes.
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Occupation: Environmental Scientist Industry: Environmental Impact Assessment Age: 30 Location: Sydney, Australia Salary: $33,8 Paycheck Amount (10x/month, after taxes, superannuation and student loan): $30,213 Gender Identity: Cisgender Woman Monthly ExpensesRent: $214.80 (for my half of a two-bedroom apartment that I live in with my boyfriend) Student Loans: $216 Superannuation (retirement): $2130 (This includes an extra voluntary deduction on top of the government-mandated 2128.30%.)Utilities: $219 (for my half of the electricity and internet.)Health Insurance: $2130 (for private hospital and extras cover.)Car Payment: $2168.60 Gym Membership: $2129Mobile Phone: $2129Spotify: $2 (I'm on a shared plan)Netflix: $5 (for my half, split with my boyfriend)Opal Card: $134Charity: $33 (I sponsor the education of a young woman in a developing country)Investments: $41 (put into Raiz, I have about $1,12.403 in here)Savings: $552 (into a high-interest savings account.
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This amount generally overpays, so the excess rolls over until I have enough to cash out.)Pet Insurance: $35Internet: $60Cell Phone: $15 (It costs $60, but $103 is reimbursed through work each month.) Health Insurance: N/ANetflix: $12.99Spotify: $4.99 (student discount) Superannuation: In Australia it is mandatory that each employer pays a minimum of 9.5% of your annual salary into a fund that cannot be accessed until you retire full-time and reach a certain age.
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Occupation: Content WriterIndustry: Higher EducationAge: 27Location: Melbourne, AustraliaSalary: $65,5Paycheck Amount (Weekly): It varies, because I work on a contract basis, but generally $45Gender Identity: Woman Monthly ExpensesRent: $8,30 (I live alone in a one-bedroom.)Car Loan: $8 Netflix/Stan/Amazon Prime: $3.22 (My mum, sister, and I each pay for one and share logins.)Utilities: $8263 (gas, water, electricity)Phone and Internet: $8New York Magazine Subscription: $30 (paid every three months)Retirement/Superannuation Fund: 10% of my salary, paid by my employerSavings: $21826 per month, which also serves as my emergency fund Day One 068.562:2124 a.m.
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