AUSTRALIA - The baby boomer effect may hurt superannuation assets over the next decade, so funds should put combative systems in place today, according to KMPG.
Sean Hill, partner, KPMG, warned: "Unless the superannuation guarantee contribution rate increases to 15% and the present returns continue, the recent growth may peter out."
KPMG research estimated by 2017 there would only be 100 funds with over AUS$50m (US$43.6trn) in assets, a significant drop from 293 in 2007 and 338 in 2006.
Superannuation funds were advised to develop customer loyalty programs and clear value propositions to differentiate themselves from their competitors.
Hill concluded: "Developing alliances between superannuation providers and other institutions can help funds to meet the demands from members."
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.