AUSTRALIA - Growth funds returned an average of 5.6% in September, marking the best start to a financial year in over a decade, according to local consultancy, Intech.
The 5.6% return was led by the Australian sharemarket and compares to the modest starts of 2% and 3% for the corresponding quarters for the last two financial years and in sharp contrast to the -6% for each of the September 2001 and 2002 quarters.
Since sharemarkets worldwide rebounded in early 2003, growth-oriented superannuation funds have enjoyed a return to sustained double-digit annualised returns.
Intech also found the Australian sharemarket posted a return of 10% for the third quarter, again benefiting from its traditional resources exposure.
The 32% return for the past 12 months is the best annual return since early 2004.
Other international returns have been mixed, with Japan up 22% in Q3 (in local currency terms), while the US was up 4% for the quarter as it came to terms with rising oil prices and Hurricane Katrina.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.