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QSuper questions removing 5% asset disclosure exemption

QSuper said it strongly questioned:  Whether the provision of additional information as envisaged would lead to better member outcomes; and  Whether removing the current exemption would result in outcomes that were in the best financial interests of members.  “By requiring full disclosure of all assets, the bill widens the information asymmetry (already opened by portfolio holding disclosure rules) that allows other market participants advantages in transacting,” it said.  “Many funds have sought investment in private asset classes (real estate, infrastructure, private equity) as they can offer key diversifying benefits to members. The long-term, stable returns (often linked to CPI) with lower sensitivity to broad economic activity provide opportunities to generate strong investment returns for members. 

Superannuation update – regulator updates, legislation and cases - Employment and HR

Single default accounts On or after 1 July 2021, in the absence of a new employee choosing a superannuation fund, an employer must determine whether that new employee has a stapled fund and, if a stapled fund exists, contributions should be paid into that stapled fund instead of paying into the employer s chosen default superannuation fund. Underperformance in superannuation The Bill proposes a new Annual Performance Assessment , requiring APRA to action annual performance tests each year for MySuper products and other products set out by the yet to be drafted regulations. Under the rules, if a fund fails the annual performance assessment, the trustee must notify all members and if

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