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Funds fall as super savers hit by COVID
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Funds fall as super savers hit by COVID
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What five super titans say about Your Future, Your Super reforms
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One of the largest government reform packages to the superannuation system will be debated in federal Parliament this week. The policy, first mooted in last year’s budget, has been the subject of fierce debate ever since.
Among the most controversial aspects of the Your Future, Your Super bill are a performance test that bans under-performing super funds from accepting new members, a “stapling” measure that ties workers to one fund for life and a ramped up “best-interest test,” which aims to ensure funds are not unwisely spending your retirement savings.
What five super titans say about Your Future, Your Super reforms
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QSuper and Sunsuper Merge to Create Australia’s Largest Retirement Fund
QSuper and Sunsuper have agreed to merge, after 15 months of negotiations, to become a single superannuation fund, making it Australia’s largest.
The move, announced on March 15, aims to integrate the two top-performing funds into a new entity with two million members and $200 billion in assets.
QSuper Chair Don Luke and Sunsuper Chair Andrew Fraser said the agreement would pave the way to create “an organisation of world-class capability” with the scale to deliver “outstanding services, greater efficiencies, and lower costs for members.”
“The combination of QSuper’s public sector heritage in Queensland and Sunsuper’s national employer base, combined with a commitment to partnering with external financial advisers, will create a diversified and resilient organisation investing on behalf of 2 million members,” the two entities said in a joint statement (pdf).