AUSTRALIA - The Australian government plans to have "targeted" conversations with superannuation funds to encourage investments in local infrastructure.
Speaking to the Financial Services Council last week, Bill Shorten, the Minister for Financial Services and Superannuation said the superannuation industry's A$1.2trn ($1.2trn) in assets allows super funds to become big players in the infrastructure market.
He said: "Superannuation can do what it likes, and should not be forced into government-friendly projects. It has a free hand.
But the Government is interested in stimulating a targeted conversation between the superannuation industry and government and private sector players who are looking to develop infrastructure assets. We should see whether there are expectation gaps or other impediments which might be addressed."
Shorten, who became Minister in September, also addressed a controversial tax on mining companies that would be used to partly offset the cost of increasing the superannuation guarantee.
Shorten said: "We looked as well at the Minerals Rent Resource Tax, and if what we're doing will stifle, or hobble, or impede, or inconvenience, the mining sector. We found it wouldn't.
We looked at the facts. And we found, on the contrary, that a boom is imminent in that sector. And all we are doing, as a country, is taking full advantage of that boom. The way good capitalists do."
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.