APRA

The prudential regulator’s superannuation czar says it has no view on whether smaller funds can survive – but that funds must continue to innovate to avoid becoming “footnotes in financial history”.

Labor and the superannuation industry are still running their victory lap, but concerns around disclosure and consolidation loom large in the background.

Fewer funds failed the Your Future Your Super (YFYS) test than last year – but plenty of passes have come from managing to the constraints of that test.

APRA has issued Vanguard a superannuation licence as it prepares to launch a disruptive play for Australia’s gargantuan retirement savings pool.

The Albanese Government has begun to explore the potential negative impacts of super fund consolidation. The question is whether a super fund can ever be too big to fail.

“We believe in our story,” says Julie Lander. The CareSuper CEO chats to Greg Bright about mergers, diseconomies and spending money.

“The industry should not be happy to simply sit somewhere in the middle… Increased transparency will drive increased analysis and action. If you can’t measure it, you can’t improve it.”

The performance test as it stands isn’t “fit for purpose” when it comes to choice products. And its bright line nature means tweaks are needed for MySuper products too.

A new report from CEM Benchmarking shows that the Your Future Your Super (YFYS) performance test lifts system-wide outcomes. But size of fund is no silver bullet.

The regulator says it doesn’t “blindly adopt” a big is good, small is bad approach, and is concerned the industry is consolidating too quickly.