Jeremy Cooper, author of Australia's Cooper review on superannuation, talks about his vision behind a lower-cost, more efficient pension system. He talks about the failure of traditional drivers of competition to lower prices in the financial services industry, and the obligation a compulsory system has to the state to be efficient.
For countries looking follow in Australia's steps to institute auto-enrolment, he said the success of such a scheme is down to luck and timing, and given the current economic conditions, now may not be...
AUSTRALIA - The wheels were finally set in motion to raise the contribution limit in Australia to 12% from 9% with the introduction of a new bill today.
AUSTRALIA - The A$73.2bn ($78.2bn) Future Fund lost 2.9% in the third quarter, though moves to decrease equity exposures helped stave off more drastic losses.
AUSTRALIA - The median balanced superannuation fund has fallen for the fifth consecutive month returning -1.8%, -4.9% for the September quarter and -3.8% for the past year, SuperRatings finds.
AUSTRALIA - The merger between the A$2.4bn (US$2.5bn) StatewideSuper and the A$1.7bn Local Super will move to the next stage, beginning the due diligence process following approval in principle from the funds' major shareholders.
AUSTRALIA - The A$24bn Commonwealth Superannuation Corporation has hired Northern Trust as custodian, marking the firm's first full-service master custody client in Australia.