AUSTRALIA - The median Australian superannuation fund finished the year with a 15.1% return, but has yet to recover from the losses suffered during the global financial crisis.
Consultant Chant West said the median growth fund needs to gain a further 13.1% to return to pre-crisis levels.
Growth funds invest between 61% and 80% in growth assets and are the default option for most superannuation funds.
Chant West principal Warren Chant said there was a large disparity between the best performing and worst performing growth fund. Returns ranged from 2.9% for the year to 24.2%.
He said: "To a large extent, that reflects the way funds reacted towards the end of the 16 months of market decline from the end of October 2007 to the end of February 2009. Those that took the opportunity to re-allocate money to the worst hit sectors - mainly shares but also corporate debt and property - were effectively buying securities at ‘bargain' prices and so reaped the rewards when markets recovered, while those that were more cautious missed out."
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.