AUSTRALIA - Superannuation trustees must be able to justify their investments in riskier asset classes such as private equity, minister for superannuation and corporate law Nick Sherry has warned.
He said: "The council considered that superannuation fund trustees need to consider - and be able to document and justify - that investments made are consistent with the disclosed investment strategy.
"They must also prove that they have achieved a level of diversification reasonable, having regard to the circumstances of the fund."
Sherry said compulsory superannuation must be accompanied by a strong "duty of care" by the Government.
He said: "We emphatically concur with the Council's expectations and will be monitoring developments accordingly."
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Sir Philip Green's restructuring proposals for his retail giant Arcadia will not "adequately protect" its pension schemes' members, The Pensions Regulator (TPR) has said.
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.