Superannuation

AUSTRALIA - The A$74.6bn ($81bn) Future Fund posted a return of 3.9% for the quarter ending 31 March, giving a return of 11.7% for the first nine months of the financial year.

AUSTRALIA - The proposed Budget for the 2011/2012 financial year saw widespread, if incremental, cuts and reforms to certain programmes and tax structures, together with and an expansion of jobs and health-related social programmes.

AUSTRALIA - The Government has signalled its desire to encourage superannuation fund and private sector investment in infrastructure projects in its 2011-2012 budget by proposing to remove tax impediments, reduce sovereign risk and increase transparency...

AUSTRALIA -Non-Government Schools Super (NGS Super) intends to merge with UCSuper, creating a combined entity worth A$4.4bn ($4.7bn).

AUSTRALIA - The top 30 superannuation funds have posted an average rolling 12-month return of 5% for the 12 months to the end of March, latest figures show.

AUSTRALIA - Government proposals to create the position of ‘trustee director' have been dismissed by the Association of Superannuation Funds of Australia (ASFA) as doing little to increase accountability.

AUSTRALIA - Self-managed super funds should have the same compensation processes as large super funds in the event of fraud, the industry association believes.

AUSTRALIA - Seven financial services organisations have formed an alliance to support the Federal Government in the delivery of its SuperStream initiatives and to provide better service to their members.

AUSTRALIA - The Self-Managed Super Fund Professionals' Association of Australia (SPAA) has appointed former director Andrew Hamilton as vice chairman.

AUSTRALIA - The Australian Institute of Superannuation Trustees (AIST) has called for the industry to work together to reach an agreement on imminent Stronger Super reforms.