Superannuation

AUSTRALIA - Low income workers will receive a boost to their superannuation savings from July 2012 by having their contributions tax refunded.

Pension schemes should outsource investment implementation to third-party firms to stop trustees focusing too heavily on manager "beauty parades", a trustee says.

AUSTRALIA - The CEO of the AU$5.8 (US$6.15bn) MTAA Super has hit back at media reports suggesting the fund lost A$500m during the global financial crisis because it removed hedges as the Australian dollar was plummeting against other currencies.

AUSTRALIA - Superannuation assets increased by 3.3% to A$1.36trn (US$1.44trn) in the first quarter of 2011, the Australian Prudential Regulatory Authority (APRA) said.

MTAA Super is being investigated by the Australian Prudential Regulation Authority (APRA) for removing its currency hedges in the middle of the global financial crisis, reports suggest.

AUSTRALIA - the government has outlined the final terms of how an A$55m levy will be raised on regulated superannuation funds to recompense superannuation fund members who lose money due to the collapse of an investment manager.

AUSTRALIA- Telstra Super, the A$11bn (US$11.8bn) corporate superannuation fund, will cut administration fees on its retail product Telstra SuperPersonalPlus from 0.6% to 0.2% in July.

AUSTRALIA- Declining home ownership rates mean that superannuation will become the biggest investment vehicle for up to 25% of Australian in 15-25 years' time, according to a white paper by REST Industry Super.

AUSTRALIA - MTAA Super has entered into a A$90m ($95m) partnership with national residential land specialist Peet to complete the development of Flagstone City in southeast Queensland.

AUSTRALIA- Two South Australian superannuation funds, the A$1.7bn Local Super and A$2.4bn StatewideSuper, are having "detailed" discussions about merging, the funds have confirmed.