Publications

Publications

AIST regularly develops policy positions on matters of concern to members and the broader superannuation industry. Our positions are informed by our membership, research and industry experts.These positions are formalised as submissions to Government, regulators and Government agencies, as well as often shared with the media. 

AIST’s submissions, research and media releases made after 2014 are available below.

Alternatively, view the entire archive of AIST Submissions and Research (2008 - current).

 

25 May 2017 - Choice members of ‘for-profit’ funds remain in the dark about poor performance

Millions of Australians are being kept in the dark about the poor performance of their retail super funds.

9 May 2017 - No place for long-term under-performers as default super funds: AIST

AIST has proposed that long-term under-performing default funds be replaced by better performing funds in its appearance before the Productivity Commission this week.

9 May 2017 - Cautious welcome to housing affordability super measures in the Budget

AIST has given a cautious welcome to Budget superannuation measures designed to help first home buyers and downsizers.

5 May 2017 - ISWG third discussion paper

The Insurance in Superannuation Working Group (ISWG) is calling for submissions on a third discussion paper that outlines options to improve member experience and understanding of insurance within superannuation.

3 May 2017 - Recommendations on unpaid super will improve retirement outcomes: AIST

AIST has welcomed Senate Committee recommendations on unpaid super to ensure all Australians are receiving their full superannuation entitlements.

21 Apr 2017 - Labor’s housing affordability proposals a welcome step: AIST

AIST has welcomed new measures proposed by the Federal Labor Party to tackle housing affordability.

10 Apr 2017 - Using super for housing will see young people worse off financially

Using super to help first-home buyers enter the housing market would drive prices higher and also lead to poorer retirement outcomes for young people, AIST warned today.

7 Apr 2017 - ISWG second discussion paper

The Insurance in Superannuation Working Group (ISWG) today released the second in a series of discussion papers as a further step towards developing a Life Insurance Code of Practice for superannuation trustees.

29 Mar 2017 - Productivity Commission fails to provide evidence that changing default fund system will benefit members

Proposed changes to the selection of default superannuation funds have the potential to put millions of working Australians at risk of poorer retirement outcomes, AIST said today.

24 Mar 2017 - New verification tool

A new service provider portal that allows super funds to verify the identity and contact details of financial counsellors has been launched at the AIST Conference of Major Superannuation Funds today.

23 Mar 2017 - AIST announces 2017 Board

AIST has today announced its 2017 Board.

23 Mar 2017 - Declining home ownership rates - the growing threat to retirement incomes: AIST research

Australia’s declining home ownership rate has emerged as a significant threat to the adequacy of Australia’s retirement income system, according to a new report commissioned by AIST.

23 Mar 2017 - AIST appoints CEO

Eva Scheerlinck has been appointed as AIST’s new Chief Executive Officer, effective immediately.

22 Mar 2017 - AIST announces Cate Wood as Trustee of the Year

AIST has today announced Cate Wood as the recipient of the AIST Trustee of the Year Award at the Conference of Major Superannuation Funds on the Gold Coast.

13 Mar 2017 - Group insurance data collection guidance released to improve consumer outcomes

AIST, FSC, IFF and ISA have together released best practice guidance for Group Insurance Data.

9 Mar 2017 - Call for submissions on Insurance in Superannuation Working Group discussion paper

The Insurance in Superannuation Working Group (ISWG) today released the first of a series of discussion papers as a first step towards extending the Life Insurance Code of Practice to superannuation trustees.

7 Mar 2017 - Barriers preventing women from a dignified retirement outcome must be removed: International Women’s Day

AIST & WIS are calling for the removal of the $450 monthly income threshold which results in many women missing out on compulsory Superannuation Guarantee (SG) payments.

1 Mar 2017 - AIST Acting CEO appointed

The AIST board today announced the appointment of Eva Scheerlinck as acting CEO.

17 Feb 2017 - New guide for fees and costs disclosure form

AIST, ASFA and the FSC today released a Guidance Notice to help funds comply with ASIC updated fees and costs disclosure requirements.

16 Feb 2017 - New governance code keeps superannuation members’ interests first

AIST has developed a new governance code that reinforces the importance of member representation on the boards of superannuation funds and aims to keep profit-to-member funds positioned at the leading edge of governance practices.

16 Feb 2017 - Fraser Review: Member-first ethos central to success of not-for-profit super funds

Former Reserve Bank Governor and Treasury Secretary, Bernie Fraser, has delivered his report into not-for-profit super fund governance.

9 Feb 2017 - AIST calls on government to rule out increasing pension age to 70

AIST has backed calls for the Government to formally rule out its proposal to lift the Age Pension eligibility age to 70.

20 Dec 2016 - Improving life insurance in superannuation for consumers

Joint release from the Insurance in Superannuation Working Group on the priorities of the group.

16 Dec 2016 - AIST CEO Tom Garcia to step down

AIST today announced the resignation of its chief executive officer, Tom Garcia.

2 Dec 2016 - AIST welcomes Senate inquiry to investigate billions of dollars lost in unpaid super

AIST has welcomed the announcement of a Senate Economics References Committee inquiry into the impact of non-payment of the Superannuation Guarantee (SG).

1 Dec 2016 - Super industry takes collective stand on domestic violence

AIST has signed the Women in Super Charter Addressing Domestic Violence.

28 Nov 2016 - AIST Awards recognise the importance of connecting to members

Check out the winners from the 2016 AIST Awards for Excellence.

23 Nov 2016 - New super changes will improve outcomes for low income earners, particularly women

AIST today welcomed the passage of the Government’s super tax reform package through both houses of Parliament.

11 Nov 2016 - Consumer protection paramount in default fund selection

AIST has reiterated the need for the highest level of consumer protection around default super fund selection in its second submission to the Productivity Commission.

10 Nov 2016 - Super changes that improve retirement outcomes for low income earners must be supported

AIST has urged all Federal Parliamentarians to support tax changes to superannuation that improve retirement outcomes for low income earners, including women.

3 Nov 2016 - Joint media release: Insurance in Superannuation Industry Working Group

Australia’s superannuation industry bodies have established the Insurance in Superannuation Industry Working Group.

3 Nov 2016 - Key stakeholders to meet in Melbourne to improve superannuation outcomes for Aboriginal and Torres Strait Islander peoples

More than 20 key super industry and Indigenous community stakeholders are participating in the 2016 Indigenous Superannuation Summit this week in Melbourne to focus on improving superannuation outcomes for Aboriginal and Torres Strait Islander peoples.

12 Oct 2016 - AIST welcomes heightened APRA and ASIC focus on insurance to improve consumer outcomes

AIST today welcomed moves by both APRA and ASIC to improve consumer outcomes in life insurance products.

6 Oct 2016 - Group insurance statement of intent

Australia’s superannuation bodies share a common belief in the following principles underlying group insurance in superannuation.

20 Sep 2016 - Default fund selection process must be in members’ best interests

AIST today responded to the release of the Productivity Commission issues paper on alternative default models.

15 Sep 2016 - Super budget changes still improve fairness and sustainability of system

Modifications by the Government to the superannuation budget changes importantly maintain improvements to the fairness and sustainability of the superannuation system.

23 Aug 2016 - Few big spenders in retirement – study finds most households have modest spending habits, regardless of level of income

New research on Australian retirees has revealed that the expenditure of most retirees is modest, regardless of the level of income they have access to.

22 Aug 2016 - AIST launch Reconciliation Action Plan (RAP)

AIST has launched a Reconciliation Action Plan (RAP) in line with its commitment to reconciliation with Aboriginal and Torres Strait Islander peoples.

18 Jul 2016 - Minister O’Dwyer urged to ensure super changes are workable and well-communicated

AIST today welcomed the appointment of Kelly O’Dwyer as Minister for Revenue and Financial Services.

7 Jul 2016 - AIST welcomes move to improve access to superannuation for Aboriginal and Torres Strait Islander peoples

New guidance issued by AUSTRAC will make it easier for Aboriginal and Torres Strait Islander peoples to access the superannuation system, AIST said today.

6 May 2016 - Objective of super will protect integrity and sustainability of system

AIST has welcomed the Government’s announcement of an objective of superannuation as outlined in the Federal Budget this week.

4 May 2016 - Flexible Budget measures on super contribution caps will help women catch up: AIST

Budget measures that provide flexibility around the new $25,000 super contribution cap limits announced last night will be particularly helpful for women who return to work after a career break, AIST said today.

3 May 2016 - Super measures will improve fairness and sustainability of super: AIST Budget commentary

Key superannuation measures announced in tonight’s Federal Budget are a necessary step toward a fairer and more sustainable super system, the Australian Institute of Superannuation Trustees said today.

29 Apr 2016 - Time for real change not just tinkering around the edges to address gender retirement income gap

AIST and Women in Super has welcomed the recommendations of the Senate Inquiry into women’s economic security in retirement led by Senator Jenny McAllister.

26 Apr 2016 - Improving consumer disclosure and conflict of interest management will improve super system efficiency: AIST response to Productivity Commission

More consistent and meaningful consumer disclosure, together with strengthened conflict of interest management, would improve super system efficiency.

20 Apr 2016 - ASIC increased funding welcome but greater accountability and transparency is needed

AIST has today welcomed the Government’s announcement of increased funding for the Australian Securities and Investments Commission (ASIC) but called for greater accountability and transparency from the regulator.

17 Mar 2016 - 2016 AIST Board announced

AIST has today announced board changes for 2016 – including the resignation of AIST President Angela Emslie, who has served on the board of AIST, and before that CMSF, for a total of 19 years

17 Mar 2016 - 2016 AIST Mercer Super Tracker released: Government urged to revise Age Pension Asset Test

AIST and Mercer have called on the Government to urgently revise its new Age Pension Assets Test, with modelling showing the test will have a significant impact on the retirement outcomes of middle Australia.

16 Mar 2016 - New partnership to support Indigenous superannuation outcomes

AIST and First Nations Foundation have today announced a two-year partnership that will increase support for the Big Koori Super Day Out.

16 Mar 2016 - Consumer protection for late super payments retained in full

AIST has welcomed the retention of the full Superannuation Guarantee Charge – an important consumer protection measure for superannuation payments to employees – following debate in Parliament earlier today.

16 Mar 2016 - Juliet Brown named AIST Trustee of the Year

AIST has announced Juliet Brown as the recipient of the 2016 AIST Trustee of the Year Award at the Conference of Major Superannuation Funds (CMSF) in Adelaide today.

16 Mar 2016 - AIST CEO Tom Garcia – Opening Address to CMSF 2016 Adelaide March 16th

AIST CEO Tom Garcia – Opening Address to CMSF 2016 Adelaide March 16th

9 Mar 2016 - Objective will protect super from ad-hoc policy changes and provide greater certainty: AIST

AIST today welcomed the Government’s move to begin the process of enshrining the objective of the superannuation system in legislation.

26 Feb 2016 - Senate Economics: New tax system for Managed Investment Trusts

AIST welcomes this legislation to create a new taxation system for attribution managed investment trusts. We note that the benefits of these bills should be made available to larger funds who invest through mandates. AIST recommends that guidance be provided by the ATO with respect to unit pricing, as well as certainty enshrined in legislation to ensure that there is no resettlement of trusts as a result of amendments to trust deeds which would have CGT effects to investors. We also recommend that the commencement date be postponed to 1 July 2017 in order to allow for the proper implementation of the new rules.

23 Feb 2016 - Focus of super tax reform should be on fairness not plugging Budget holes

The focus of superannuation tax reform should be on improving fairness rather than introducing Capital Gains Tax changes that will reduce retirement income for all Australians, AIST said today.

21 Feb 2016 - Low income earners mustn't be denied a dignified retirement

Allowing low-income earners to opt out of superannuation could result in an estimated 2 million Australians currently in the workforce being significantly worse off in retirement, AIST said today.

18 Feb 2016 - Review of super a timely opportunity to put spotlight on high fees and underperformance

The Productivity Commission Review of superannuation is a timely opportunity to put the spotlight on the high fees and the underperformance of some funds, particularly in the Choice environment, AIST said today

10 Feb 2016 - Fee report highlights the high price of choice for some Australians

A new report on fees and returns across Australia’s $2 trillion super sector has found that bank and retail-owned super funds offering “Choice” products are charging members up to four times more for underperforming investment options.

5 Feb 2016 - 12% super is responsible policy – end of story

Moving to 12% superannuation is a vital measure towards ensuring the majority of Australians achieve a comfortable standard of living in retirement, AIST said today.

21 Jan 2016 - Super must be used for retirement - not to pay off student debt

AIST today rejected calls suggesting superannuation could be used to pay down Higher Education Loan Program (HELP) debts.

18 Dec 2015 - The Fraser Governance Review

AIST and ISA have asked Bernie Fraser to lead a Review of governance arrangements in respect of not-for-profit superannuation funds, and to propose a best practice Governance Code for such funds.

10 Dec 2015 - Choice product dashboards provide certainty but don’t go far enough

AIST has welcomed draft legislation released by the Government today requiring super funds to publish Choice product dashboards. These requirements are generally in line with requirements for MySuper product dashboards.

2 Dec 2015 - First class returns and first class governance

AIST and ISA will commission a review by former RBA Governor and Treasury Secretary Bernie Fraser to lead the development of a best practice governance code of conduct for not-for-profit super funds by 30 April 2016.

20 Nov 2015 - Super reform won’t be enough to fix gender retirement savings gap

AIST is calling for all workforce, pay and super policies to be examined under a gender lens to improve the outcome for Australian women in retirement

13 Nov 2015 - AIST Awards recognise essential role of digital in superannuation

Clever use of data segmentation and social media campaigns to improve female engagement with super for women were recognised at AIST’s 2015 Awards for Excellence last night.

15 Oct 2015 - Proposed governance changes run counter to international best practice

Proposed changes to the governance framework of not-for-profit superannuation funds run counter to international best practice in pension fund governance, The Australian Institute of Superannuation Trustees (AIST) said today.

14 Oct 2015 - AIST welcomes new Shadow Minister

AIST today welcomed the appointment of Mr Jim Chalmers as the new Shadow Minister for Financial Services and Superannuation.

5 Oct 2015 - New figures point to widening gender retirement savings gap

New figures suggesting a widening of the gender savings gap at retirement – particularly for women on low incomes – highlight the need for urgent policy action.

3 Oct 2015 - Update your super details: $480 million in ‘lost super’ to go to ATO

AIST is urging Australians to ensure that their superannuation account details are up to date following an increase to the ‘lost super’ threshold requiring small inactive accounts to be transferred to the Australian Tax Office (ATO).

21 Sep 2015 - Reducing penalty for late super payments dilutes consumer protection

AIST is calling on Government to reconsider changes to the Superannuation Guarantee Charge reducing penalties for employers not meeting their obligations to pay superannuation to their employees

21 Sep 2015 - AIST welcomes new Treasury team and elevation of superannuation to Cabinet

AIST has today welcomed the appointment of the Hon Scott Morrison as Treasurer and the Hon Kelly O’Dwyer MP as Assistant Treasurer and Minister for Small Business.

16 Sep 2015 - Proposed changes to boards of super funds will dilute consumer voice

AIST is urging all parliamentarians to reject proposed legislation to change the composition of not-for-profit superannuation boards.

3 Sep 2015 - New research highlights the dangers in a one-size fits all approach to post-retirement

Super funds may need to offer their members more than one default retirement income stream, new modelling has suggested.

20 Aug 2015 - No evidence to support Government’s superannuation governance changes

AIST will continue to oppose unnecessary changes to the boards of not-for-profit superannuation funds.

18 Aug 2015 - Senate inquiry a welcome opportunity to address gender retirement income gap

AIST welcomes the announcement of a Senate Inquiry into improving retirement outcomes for Australian women.

17 Aug 2015 - Government needs to cut red tape to improve Indigenous super outcomes

The Indigenous Superannuation Working Group has called on major political parties to elevate Indigenous superannuation outcomes onto the agenda of the Council of Australian Governments (COAG).

3 Aug 2015 - Let's get real about super - busting the $1 million retirement myth

AIST and Australia's biggest super fund, AustralianSuper are calling for a "super reality check" to ensure Australians have a better understanding about the level of income they can expect in retirement.

29 Jul 2015 - Tax Inquiry can help ensure super delivers for women

AIST and WIS today supported a Senate review of the retirement savings gap for women and urged the Government to prioritise the tax reform of superannuation as a significant step towards improving retirement outcomes for women.

23 Jul 2015 - Government’s proposed changes to super fund boards pose risks without any demonstrable benefits for members

The Government’s proposed changes to the board composition of super funds were risky and not supported by evidence, AIST said today.

7 Jul 2015 - Involuntary retirees should not be denied early access to their super

Raising the age at which people can access their super could see the level of involuntary retirees blow out to more than half the Australian workforce, AIST said today.

26 Jun 2015 - Government changes to super fund boards not supported by evidence - AIST

The Government’s proposed changes to the governance arrangements of not-for-profit boards announced today are not supported by any hard evidence, AIST said today.

18 Jun 2015 - Pension changes - without review of super - fail the fairness test

Proposed pension changes – currently before Parliament – would result in wealthy self-funded retirees receiving more than double the level of government support than most middle income Australians, AIST said today.

2 Jun 2015 - Fairness of superannuation tax concessions must be a priority of the Tax Review

The fairness and sustainability of superannuation tax concessions should be top priority of the Tax Review, AIST said today.

14 May 2015 - Tax review is timely to ensure entire retirement system is fair and sustainable

The Government’s tax review is a timely opportunity to examine the targeting of superannuation tax concessions to ensure Australia’s retirement income system is sustainable for the long-term, AIST said today.

12 May 2015 - Pension measurements a good first step – long-term super strategy must be next

AIST response to 2015 Federal Budget

5 May 2015 - Serious Financial Crime Taskforce welcomed - AIST

AIST has today welcomed Treasurer Joe Hockey’s announcement of the Serious Financial Crime Taskforce that will address superannuation and investment fraud, identity crime and tax evasion.

22 Apr 2015 - Emphasis on fairness and sustainability is a welcome contribution to superannuation tax debate

Labor’s announcement of a new super tax policy is an important contribution to the Tax Review and broader national debate on superannuation, AIST said today.

15 Apr 2015 - AIST acknowledges Bernie Ripoll’s contribution to financial advice reform

AIST has today acknowledged the contribution of The Hon. Bernie Ripoll MP to superannuation and the financial services industry, following Mr Ripoll’s announcement that he will not be re-contesting his Parliamentary seat in next year’s election.

15 Apr 2015 - Employment discrimination inquiry puts timely focus on involuntary retirement

AIST has welcomed today’s announcement that the Australian Human Rights Commission will conduct an inquiry into employment discrimination against older Australians and Australians with a disability.

7 Apr 2015 - AIST welcomes new Super Complaints Tribunal Chair

AIST has today welcomed the appointment of Ms Helen Davis as the new Chair of the Superannuation Complaints Tribunal (SCT).

1 Apr 2015 - Super tax breaks of greatest benefit to top 10 per cent of earners

The Government’s tax inquiry would be an opportunity to improve the targeting of tax concessions for those at the top end of income spectrum, AIST said today.

30 Mar 2015 - Tax inquiry is a timely opportunity to ensure super is fair and sustainable: AIST

The Government’s Tax Inquiry is a timely opportunity to examine the taxation arrangements for the superannuation to ensure they are fair and sustainable for both current and future generations, the Australian Institute of Superannuation Trustees (AIST) said today.

19 Mar 2015 - Bob Henricks & Maree O’Halloran named as joint AIST Trustee of the Year

Bob Henricks & Maree O’Halloran are named as joint AIST Trustee of the Year

19 Mar 2015 - Gender gap, tax equity & lack of older workers, prove to be weak spots in super system

The AIST-Mercer Super Tracker – launched today at AIST’s Conference of Major Superannuation Funds on the Gold Coast – has been jointly developed by AIST and Mercer to provide an objective means of assessing super and road test new ideas and policies. The initial score for the Tracker is 64.9 out of a possible 100.

19 Mar 2015 - 2025 research infographic

An infographic of key findings from our joint research with BNP Paribas "2025: what will the superannuation industry look like in a decade?"

18 Mar 2015 - AIST announces 2015 board

The Australian Institute of Superannuation Trustees (AIST) has announced its 2015 board which includes the addition of two new board members and the re-election of four others at the Annual General Meeting in the Gold Coast this morning.

13 Mar 2015 - Super spotlight on intergenerational challenges, tax equity, investments, digital disruption and more at next week’s Conference of Major Super Funds (March 18-29)

AIST's flagship conference - the Conference of Major Superannuation Funds (CMSF) – is set to attract more than 1,000 key players from Australia’s $1.9 trillion super industry.

13 Mar 2015 - What will the superannuation industry be like in 2025?

A survey of the superannuation industry by AIST and BNP Paribas Securities Services has shown the world we are planning for today will be very different in 10 years' time.

5 Mar 2015 - IGR provides no evidence for Government to lift ‘retirement age’ to 70 years

AIST has called on the Government to review its proposal to lift the Age Pension eligibility age to 70 by 2035, following Intergenerational Report (IGR) projections that show future pension costs in our ageing population are manageable in existing policy settings.

18 Feb 2015 - Superannuation industry loses one of its greats

It is with great sadness, that AIST and WIS announce the passing of Mavis Robertson AM.

22 Jan 2015 - Change to super payment threshold would penalise low income/casual workers

AIST has urged the Government to reject calls from the Board of Taxation to change the superannuation payment threshold for low income and casual workers to $1350 a quarter.

9 Jan 2015 - AIST- Mercer Super Tracker to provide basis for informed changes to the superannuation system

AIST and Mercer are collaborating to develop an industry first “super tracker” that will set the benchmark for evaluating the Australian superannuation system.

7 Jan 2015 - Increased use of e-commerce will promote active decision making in super

AIST has welcomed a joint announcement from the Hon. Bruce Billson MP and the Hon. Josh Frydenberg MP that will see an increase in the use of e-commerce in tax and superannuation reporting.

17 Dec 2014 - Super IOU not good enough: AIST calls on Senate to oppose repeal of payslip super requirements.

AIST has today called for the Senate to oppose the Treasury Legislation Amendment (Repeal Day) Bill 2014 that will remove key requirements around superannuation contributions on their payslips.

7 Dec 2014 - AIST welcomes FSI focus on removing politics from super and giving MySuper a fair go

AIST today welcomed the release of the Financial System Inquiry report, which recognises the need to ensure the super system is working effectively and efficiently and delivering positive retirement outcomes for members.

26 Nov 2014 - Member statements must not fall short on LISC disclosure

AIST is calling on the Government to maintain the separate disclosure of the LISC on members’ superannuation statements.

21 Nov 2014 - AIST Awards celebrate achievements by not-for-profit superannuation funds

The AIST Awards for Excellence were announced last night at Melbourne’s RACV City Club, with a number of outstanding achievements celebrated.

13 Nov 2014 - AIST welcomes recognition of Age Pension in retirement income forecasting

AIST welcomes today’s announcement from ASIC that will allow superannuation funds to include an estimate of a member’s age pension together with the member’s super forecast.

23 Oct 2014 - APRA urged to shed light on fees charged by non-MySuper default funds

The Australian Institute of Superannuation Trustees (AIST) today called on APRA to prioritize disclosure of all fees paid on default superannuation accounts, not just those paid on MySuper products.

10 Oct 2014 - Super must be included on workers’ pay slips: AIST

AIST has opposed Government moves to repeal the reporting on pay slips of superannuation contributions.

2 Oct 2014 - New MySuper data highlights need for independent default fund selection

New MySuper data released today highlights the need for an independent body to select default funds from the MySuper pool, the Australian Institute of Superannuation Trustees (AIST) said today.

1 Oct 2014 - Call to move default bank-owned super into low-fee MySuper

AIST is calling on the Government to accelerate the release of super savings from high-fee bank-owned default super funds into lower fee MySuper products.

1 Oct 2014 - Full MySuper disclosure will lead to better consumer outcomes

The Australian Institute of Superannuation Trustees (AIST) has welcomed the announcement from the Australian Prudential Regulatory Authority (APRA) that it will be publishing comprehensive statistics on all MySuper products.

10 Sep 2014 - Financial planners need ethics classes, not ready for self regulation: ISA, AIST

Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) have argued in a joint parliamentary submission that the financial planning industry should be subject to mandatory ethics classes for planners, and is a long way from being ready for any kind of self-regulation.

2 Sep 2014 - Superannuation changes will hurt all Australian workers – AIST

Proposed new changes to the Superannuation Guarantee would have a significant impact on the retirement outcome of Australian workers and lead to further uncertainty about superannuation, the Australian Institute of Superannuation Trustees said. AIST CEO Tom Garcia said the Government’s decision to further delay the SG rise to 12% represented a broken election promise not to bring in any negative changes to superannuation.

26 Aug 2014 - Renovate the house don’t pull it down – AIST responds to the Financial System Inquiry

The Australian Institute of Superannuation Trustees (AIST) said today Australia’s $1.85 trillion superannuation system is on track to deliver further cost savings and value to members with the recently launched MySuper having already led to significant fee reductions*.

1 Aug 2014 - Dipping into super to buy a home threatens retirement income security

The Australian Institute of Superannuation Trustees (AIST) today warned against the dangers of using superannuation to tackle the nation’s housing affordability challenges.

25 Jul 2014 - Government urged to appoint new expert panel for super fund default selection

The Australian Institute of Superannuation Trustees, (AIST), has today called on the Government to prioritise the appointment of new members to the Fair Work Commission’s Expert Panel for default fund selection following the release of the Federal Court of Australia’s written judgment that the former Panel was invalidly constituted.

16 Jul 2014 - AIST to provide comprehensive response to the Financial Systems Inquiry interim report

The Australian Institute of Superannuation Trustees (AIST) said today it would begin preparing a comprehensive response on key superannuation issues raised in the Financial System Inquiry’s interim report. AIST CEO Tom Garcia said AIST welcomed the Inquiry’s support of a robust regulatory framework for superannuation, its recognition of superannuation’s important role in the economy, and the need to develop clearer objectives for the superannuation system.

8 Jul 2014 - Regulator crackdown on super fund fee disclosure will benefit consumers

The Australian Institute of Superannuation Trustees (AIST) has today welcomed moves by the Australian Securities and Investment Commission (ASIC) to stamp out misleading fee disclosure practices in the super and managed investment industry. In a report released today, ASIC raises concerns about the practice of ‘fee gaming’, whereby some super products are structured to intentionally disclose lower fees and costs than would otherwise be required.

7 Jul 2014 - Industry welcomes Palmer support for Low Income Super Scheme

The Australian Institute of Superannuation Trustees and Women in Super have welcomed today’s news that senators from the Palmer United Party intend to vote for the retention of the Low Income Superannuation Contribution (LISC) scheme. AIST’s Deputy President and the Chair of Women in Super Cate Wood said by voting to support the LISC, the senators were supporting 3.6 million working Australians who currently benefit from the Scheme.

25 Jun 2014 - Open letter to Clive Palmer

More than 30 prominent signatories from the superannuation industry, business, academia, women’s organisations and policy and community groups have signed an open letter calling on Mr Clive Palmer to help save the Low Income Superannuation Contribution (LISC) scheme.

13 May 2014 - Federal budget measures set to widen retirement income gap

The peak body for the $600 billion not-for-profit super sector, The Australian Institute of Superannuation Trustees (AIST) said last night's Budget measures could create further inequity in Australia’s retirement income system over the long term. AIST CEO Tom Garcia said AIST was disappointed and concerned that the Superannuation Guarantee (SG) rate would be frozen for four years and would only reach 12% in 2022/23 instead of the original plan to reach 12% by 2019/20. This is the second change proposed to the legislated schedule in 12 months and adds another year to the timeline.

7 May 2014 - Tax cuts should give everyone a fair go – Government urged not to abandon super tax refund for low income earners

The Australian Institute of Superannuation Trustees (AIST) has urged the Federal Government not to abandon existing superannuation equity measures for low income earners in the upcoming Federal Budget. The Government has said it will repeal the Low Income Superannuation Contribution (LISC) scheme that has provided a super boost of up to $500 a year for earning less than $37,000 year. The scheme, introduced two years ago, benefits an estimated 3.6 million Australians, or nearly one third of the total workforce – many of them part-time workers.

5 May 2014 - New disclosure timetable will give industry time to get it right

AIST said today’s announcement by the Government to defer the start date for the ‘choice’ product dashboard and portfolio holdings was a sensible decision that would help ensure a more meaningful outcome for superannuation consumers.

2 May 2014 - Changes to retirement policy and the Age Pension must not be piecemeal

The Australian Institute of Superannuation Trustees (AIST) has today cautioned the Government about making piecemeal changes to the nation’s retirement income policies following the release of the National Commission of Audit report. AIST CEO Mr Tom Garcia said while AIST recognised the need to improve the long-term sustainability and equity of the nation’s retirement income system, changes to the Age Pension and superannuation tax concessions should not be considered in isolation but rather as part of a wider review of our retirement incomes system.

2 May 2014 - Government announcement to raise Age Pension eligibility age is not the answer

The Australian Institute of Superannuation Trustees (AIST) is pleased that today’s Government announcement will not have an impact on people approaching retirement but is concerned this is an ad hoc decision on retirement incomes policy.

29 Apr 2014 - AIST CEO on fee debate

AIST CEO Tom Garcia was featured in The Australian today commenting on the fee debate. The piece, “Fee fears forget value debate,” was written by Andrew Main and published on page 19 of the business section.

28 Apr 2014 - AIST announces new president

The Australian Institute of Superannuation Trustees (AIST) has today announced the appointment of Angela Emslie as its new President. AIST CEO Tom Garcia said the AIST board was delighted to appoint Ms Emslie, who has been a director of AIST since 2007, and is currently Chair of HESTA and a Director of Frontier Advisors.

15 Apr 2014 - Working longer may not work for all: up to 40% of Australians don’t get to choose when they retire

The peak super body for the not-for-profit super sector – the Australian Institute of Superannuation Trustees (AIST) - today warned that any rise in the retirement age must be accompanied by measures to protect older Australians who are unable to work longer.

1 Apr 2014 - AIST recommends improved financial system regulation and policy alignment

The Australian Institute of Superannuation Trustees (AIST) today said that a more co-ordinated regulatory framework was required to ensure that Australia’s financial sector and our retirement income system continued to deliver long-term benefits to consumers and the nation.

27 Mar 2014 - Elana Rubin awarded the inaugural AIST Trustee Lifetime Achievement Award

The inaugural AIST Trustee Lifetime Achievement Award has been awarded to Elana Rubin, who recently retired as the chair of Australian Super after more than 20 years as a trustee director of industry super funds.

25 Mar 2014 - Brumby_takes out trustee of the year award

The Australian Institute of Superannuation Trustees (AIST) has announced John Brumby as Trustee of the Year at their Conference of Major Superannuation Funds (CMSF) today. Mr Brumby, who is the chair of MTAA Super, joined the fund in 2011 after serving 25 years in state politics.

25 Mar 2014 - Generation Y and super the story isn't all bad

Recent research commissioned by the Australian Institute of Superannuation Trustees (AIST) has revealed that Generation Y may not be as disinterested in their superannuation as previously thought.

24 Mar 2014 - The high cost of involuntary retirement

A more flexible approach to retirement may be needed to account for the significant minority of older Australians who are forced to leave the workforce early, the Australian Institute of Superannuation Trustees said today.

24 Mar 2014 - AIST announces 2014 board

The Australian Institute of Superannuation Trustees (AIST) has announced the addition of four new board members at the Annual General Meeting in the Gold Coast this morning.

6 Mar 2014 - AIST welcomes penalties for promoters of illegal early release schemes

AIST welcomes the passing of a Government Bill that will impose penalties upon promoters of illegal early release schemes.

21 Feb 2014 - AIST welcomes Government’s framework for stable SuperStream gateway network

AIST welcomes today’s announcement supporting the governance structure for the SuperStream gateway network. This will ensure the structure is strong and stable, and operates in the best interests of fund members.

17 Feb 2014 - Change has never been something that the not-for-profit superannuation sector has shied away from – quite the opposite.

Click here to read Tom's op ed piece published in The Age.

3 Feb 2014 - Summit to tackle gender inequality at retirement

Speaking at today’s Women’s Super Summit in Melbourne, the president of the Australian Institute of Superannuation Trustees (AIST) and chair of Women in Super (WIS) said Australia’s superannuation system - as currently structured - would continue to deliver significantly poorer outcomes for women than men without new initiatives to bridge the gender savings gap.

10 Jan 2014 - APRA Statistics show not-for-profit funds outperform

The Australian Institute of Superannuation Trustees- AIST- has welcomed the release of the APRA Statistics Superannuation Fund-level Rates of Return (June 2013) with not-for-profit funds the clear standout.

20 Dec 2013 - Financial advice changes will make it harder to give super fund members simple advice

The Australian Institute of Superannuation Trustees (AIST), today warned that the Government’s proposed changes to the Future of Financial Advice Reforms (FOFA) could make simple financial advice less accessible for super fund members.

29 Nov 2013 - Media Release

AIST's 2013 Awards for Excellence were announced last night at Melbourne’s Sofitel Hotel, with HESTA and Cbus taking out two of the top honors.

28 Nov 2013 - Media Release

Today AIST welcomed the superannuation discussion paper - released by Assistant Treasurer, Senator the Hon Arthur Sinodinos - to examine governance, regulation, competition and transparency.

26 Nov 2013 - AIST Media

AIST will step up its call to save the Low Income Superannuation Contribution (LISC) scheme at a special Senate Economic Legislation Committee hearing tomorrow.

22 Nov 2013 - AIST Media Release

AIST has cautioned against lifting the Age Pension age to tackle the costs of Australia’s ageing population

21 Nov 2013 - AIST Media Release

The Australian Institute of Superannuation Trustees (AIST) – the peak body for the $600 billion not-for-profit super funds - today welcomed the Government’s release of draft terms of reference for the Financial System Inquiry.

31 Oct 2013 - AIST Media Release

The Australian Institute of Superannuation Trustees (AIST) has called on the Government not to abandon the Low Income Superannuation Contribution (LISC) scheme which it says is a much-needed equity measure in Australia’s compulsory super system.

3 Oct 2013 - AIST Media Release

The Australian Institute of Superannuation Trustees (AIST) has cautioned Australian Securities & Investments Commission (ASIC) against adopting a one-size fits all approach to education requirements for financial advisors.

31 Jul 2013 - AIST Media Release

National networking and advocacy group, Women in Super (WIS) and The Australian Institute of Superannuation Trustees (AIST) have welcomed the move by an Australian business – Rice Warner – to offer its female employees a package of benefits to improve their retirement outcome.

31 Jul 2013 - AIST Media Release

The Australian Institute of Superannuation Trustees (AIST) is urging APRA to ensure super fund’s investment return targets are meaningful and accurate for consumers.

31 Jul 2013 - AIST Media Release

The Australian Institute of Superannuation Trustees (AIST) today welcomed the Government’s announcement of a breather on major superannuation changes, saying it would help build consumer confidence and provide stability for the superannuation industry.

1 Jul 2013 - Media Release for 2013

AIST is pleased to see its recommendations for a fairer and more transparent disclosure regime on remuneration practices adopted in the MySuper Regulations registered in parliament late last week.

28 Jun 2013 - Happy New Financial Year for Superannuation

Tom Garcia, CEO of the peak representative body of not-for-profit superannuation funds - the Australian Institute of Superannuation Trustees (AIST) – says members of superannuation funds will have plenty to smile about from Monday - the start of the new financial year.

17 May 2013 -

The peak representative body of not-for-profit superannuation funds - The Australian Institute of Superannuation Trustees (AIST) – said it was very disappointed with Opposition Leader Tony Abbott’s announcement last night that a Coalition government would delay the Superannuation Guarantee (SG) increase by two years.

15 May 2013 -

AIST CEO Tom Garcia said that with so much uncertainty and confusion around superannuation policy since the start of the year, it was good to see that this Budget was free of any major new announcements affecting super fund members and confirmed measures announced by the Government in April.

9 May 2013 - AIST Media Release

The peak body for the $500 billion not-for-profit super sector, the Australian Institute of Superannuation Trustees (AIST), has restructured and strengthened its policy department with the appointment of David Haynes as Executive Manager – Policy and Research and Karen Volpato as Senior Policy Advisor, based in Sydney.

5 Apr 2013 - AIST responds to Treasury super announcements.

The Australian Institute of Superannuation Trustees (AIST) welcomes the Governments announcements today on reforms to make the superannuation system fairer.

20 Mar 2013 - Media Release for 2013

More than two thirds of Australians support the Government providing low income earners with a superannuation boost of up to $500 a year, according to a consumer poll survey released by the Australian Institute of Superannuation Trustees.

19 Mar 2013 - Media Release for 2013

Nearly 60 per cent of Australians are worried that their super is risky and a similar number are not confident they will have enough super for retirement, according to a survey released today by the Australian Institute of Superannuation Trustee.

15 Feb 2013 - CEO Announced

The President of the Australian Institute of Superannuation Trustees (AIST), Cate Wood, has today announced the appointment of Tom Garcia as Chief Executive Officer.

8 Feb 2013 - AIST calls for support for low income super scheme

AIST has called on Parliamentarians and the super industry to support the Low Income Super Contribution Scheme (LISC) which it says is a much-needed equity measure in Australia’s super system. AIST President, Cate Wood said the scheme ensured that the lowest paid in our community got a fair deal from the super system.

31 Jan 2013 - Ditching super measure will hit the retirement savings of 3.5 million workers

AIST is disappointed that the Coalition is not supporting the low income super rebate, which benefits the retirement savings of 3.5 million workers.

9 Jan 2013 - Not-for-profit super funds outperform again

AIST has welcomed the release of new performance data that highlights the long term outperformance of not-for-profit superannuation funds, which include industry, public sector and corporate funds.

3 Jan 2013 - MySuper applications pave way for new era

The opening of the MySuper super fund application process this week marks the beginning of a new era of cost-effective, commission-free super, the Australian Institute of Superannuation Trustees (AIST) – the peak body for the $500 billion not-for-profit super sector - said today.

7 Dec 2012 - AIST Media Release

AIST 2012 Awards recognise diversity in super fund communication strategies.

29 Nov 2012 - AIST Media Release

Superannuation industry bodies welcomed the passage of the third tranche of the Government's MySuper legislation through the House of Representatives with the complete support of the Parliament.

29 Nov 2012 - AIST Media Release

Superannuation industry bodies welcomed the passage of the third tranche of the Government's MySuper legislation through the House of Representatives with the complete support of the Parliament.

19 Nov 2012 - AIST Media Release

The Australian Institute of Superannuation Trustees todayannounced that its chief executive officer, Fiona Reynolds has resigned to take up a new appointment as Managing Director of the London-based Principles for Responsible Investment (PRI).

2 Nov 2012 - AIST Media Release

AIST, Women in Super and the Minister for Superannuation, Bill Shorten, today launched Super Springboard, a 12 month program for women interested in becoming directors of superannuation funds.

29 Oct 2012 - AIST Media Release

AIST has welcomed the passing of a Bill providing capital gains tax relief for merging superannuation funds through the House of Representatives. The Bill extends the relief on capital loss rollovers to 1 July 2017 to coincide with the end of the MySuper transition period.

24 Oct 2012 - AIST Media Release

The peak body for Australia's $500 billion not-for-profit superannuation funds, the Australian Institute of Superannuation Trustees and Equal Opportunity for Women in the Workplace Agency (EOWA) are calling for super funds to appoint more female directors.

23 Oct 2012 - AIST Media Release

The Australian Institute of Superannuation Trustees (AIST) has welcomed the announcement of the membership of the SuperStream Advisory Council, whose key responsibilities include ensuring that there is transparency and accountability on the costs and implementation of the SuperStream reforms.

12 Oct 2012 - AIST Media Release

The Australian Institute of Superannuation Trustees(AIST) welcomes the release today of proposals from the Australian Prudential Regulation Authority (APRA) to improve its collection and reporting of super fund returns.

14 Sep 2012 - AIST Media Release

The peak body for Australia's $500 billion not-for-profit superannuation industry - the Australian Institute of Superannuation Trustees (AIST) - has called on the Coalition to commit to the low-income superannuation scheme and help boost the retirement savings of those most in need.

31 Aug 2012 - AIST Media Release

Ahead of Equal Pay Day this Sunday, September 2nd, The Australian Institute of Superannuation Trustees (AIST) - the peak body for the $500 billion not-for-profit super sector - has called on the Government to prioritise policies that will close the growing gap in women's retirement savings.

28 Aug 2012 - AIST Media Release

Three industries organisations - the Australian Institute of Superannuation Trustees (AIST), the Actuaries Institute and the Industry Super Network (ISN) - are urging the Australian Prudential Regulation Authority (APRA) to re-think its approach to articulating investment risk to super fund members.

27 Jul 2012 - AIST Media Release

The Australian Institute of Superannuation Trustees (AIST) has appointed Meegan George to the newly-created position of Executive Manger - Education.

9 Jul 2012 - AIST Media Release

Super funds will be working closely with the Australian Crime Commission to raise awareness about the growing threat of fraud targeted at Australia's $1.3 trillion superannuation pool, the Australian Institute of Superannuation Trustees (AIST) said today.

12 May 2017 - ASIC Enforcement Review: Self-reporting of contraventions by financial services and credit licensees

An effective breach reporting framework is critical for effective enforcement of the financial services regulatory regime. AIST supports the Review’s proposals to strengthen the breach reporting framework, the inclusion of breaches by financial advisers and credit licensees, and requiring ASIC to report annually on breach reporting at the licensee level. Given the nature of regulatory breaches, ASIC’s annual reporting of breaches should be by sector (similar to that used in APRA statistics). AIST would be pleased to work with ASIC to develop guidance.

5 May 2017 - ISWG third discussion paper - Member communication and engagement

The third discussion paper released by the Insurance in Superannuation Working Group (ISWG) outlines options to improve member engagement and understanding of insurance arrangements within superannuation.

3 May 2017 - Response to Productivity Commission Draft Report: Superannuation: Alternate Default Models

AIST identifies key elements for a robust default fund selection process in its response to the Productivity Commission Draft Report: Superannuation: Alternative Default Models.

24 Apr 2017 - Super reform – minor and technical amendments

This exposure draft rectifies many of the issues identified during consultation on the new measures introduced as part of the 2016 Budget. AIST strongly supports these changes in principle, however reserves the right to make further comment in May.

12 Apr 2017 - Draft Regulations Innovative Superannuation Income Streams

AIST welcomes the certainty that these regulations will bring for providers of innovative income streams. These draft regulations would be improved through limitations on unreasonably long deferral periods, better disclosure of pricing methodologies and better strategy with regards to the declining capital access schedule. However the rules around distributing excess cash from group self-annuitisation arrangements works against members of profit-to-member funds.

20 Mar 2017 - RG97 fees and costs disclosure – issues list provided to ASIC

As requested by ASIC in its notification to extend the transition time for RG97, the industry has submitted the attached lists (separated into policy and technical issues).

15 Mar 2017 - Design and distributions obligations and product intervention power

In these joint submissions AIST and ISA generally welcome the proposals to impose obligations upon financial product issuers and distributors and to provide ASIC with product intervention powers to reduce the likelihood of consumers being mis-sold products that are not aligned with their financial situation, objectives and needs. There are existing regulatory gaps that should be filled to better protect consumers.

10 Mar 2017 - ASIC levies draft bills

AIST strongly supports the introduction of an ASIC industry funding model and the move towards greater transparency. However, AIST does not support carve-outs from complying with the Government’s Cost Recovery Guidelines (CRG). The objectives set out in the Levies Bill need to reflect compliance with the CRG, and that the levies raised need to reflect the volume of ASIC’s focus on particular entities and sub-sectors (including profit-to-members and for-profit subsectors). It is critical that consultation also occurs regarding any draft Regulations, which will set the levy calculation methodology.

10 Mar 2017 - Transfer Balance Cap and death benefits (Draft LCG 2017/D3)

In our submission on this draft Law Companion Guideline, AIST raises a question around the policy intention of different treatment of death benefit income streams depending on whether these are reversionary or non-reversionary for the purposes of the transfer balance cap.

7 Mar 2017 - Consumer protections in the financial services industry

The Senate Economics References Committee is undertaking this inquiry into consumer protections in the banking, insurance and financial services industry. AIST believes that the numerous exemptions from the regulatory framework for superannuation currently afforded choice (i.e. non-MySuper) products and investment options, platforms and legacy products should be removed to ensure that the retirement savings of all superannuation fund members are equally protected.

17 Feb 2017 - Successor fund transfers and wind-ups (draft SPG 227)

AIST thanks APRA for the opportunity to comment on this draft PPG. AIST supports all assistance that can be provided to trustees to facilitate super fund consolidation. Such consolidation will ensure that the benefits of scale can be provided to fund members.

17 Feb 2017 - Senate Economics: SG non-payment

Employer superannuation non-compliance remains a serious problem and calls for an automated and systematic response, as well as requiring more resources for managing complaints. AIST argues for ATO and Government to prioritise initiatives to address these challenges and for the success of these initiatives to be monitored and evaluated. Unfinished ATO initiatives should be reactivated, and the new initiatives of Single Touch Payroll and more regular reporting of contributions should be designed to improve compliance. Other SuperStream measures should also be given specific compliance objectives.

10 Feb 2017 - Whistleblower protections

The Australian Whistleblower protection framework is in need of significant reform because it fails to adequately protect whistleblowers. Changes to the law are necessary to ensure that those who disclose misconduct are not adversely affected as a result of making a disclosure and are able to seek redress in the event that they are victimised or suffer detriment.

2 Feb 2017 - Means testing of retirement income streams

AIST considers that the role of social security in prioritising Comprehensive Income Products for Retirement (CIPRs) as recommended by the Financial System Inquiry needs to be addressed in this discussion paper. We believe that the focus on neutrality is not properly reconciled with Government policy and our submission points out that people should be compensated for trading in flexibility.

2 Feb 2017 - Superannuation reform package regulations

AIST has made a brief submission to Treasury in relation to draft regulations to support the implementation of the new superannuation measures. We have not identified any issues on which we need to make comment.

27 Jan 2017 - External Dispute Resolution: Response to Interim Report

AIST strongly opposes the draft recommendation to transition the Superannuation Complaints Tribunal to an industry ombudsman scheme because it will detrimentally affect consumers and superannuation funds. The statutory nature of the tribunal provides consumer protections that cannot be replicated within an ombudsman model.

24 Jan 2017 - ATO issues guidance on the defined benefit income cap

LCG 2016/D10 provides guidance around how the defined benefit income cap applies to superannuation income stream benefits that are paid from a non-commutable, lifetime pension or lifetime annuity. AIST welcomes the guidance, and takes the opportunity to raise potential areas for clarification.

24 Jan 2017 - ATO issues guidance on amendments to the calculation of concessional contributions

LCG 2016/D11 provides guidance around amendments to the calculation of concessional contributions and excess concessional contributions in the Act apply to contributions and amounts allocated by superannuation providers under the new rules from 1 July 2017. AIST welcomes the guidance, and takes the opportunity to raise potential areas for clarification.

19 Jan 2017 - Pre-Budget Submission 2017

AIST welcomes the opportunity to present our Pre-Budget submission for 2017-18. We do not endorse superannuation being used for deficit reduction to a greater extent than other industry segments or for untested superannuation policy announcements to be made on Budget night. The current package of superannuation reforms should be implemented and allowed to settle, and KPIs should be developed and used to assess system performance against the primary and subsidiary objectives by an independent, publicly-funded body. AIST recommends a range of changes to improve superannuation for consideration.

9 Jan 2017 - ASIC-ATO Information sharing

This exposure draft legislation which enables ASIC to share information with the ATO without the need for approval of the Chairperson of ASIC. AIST supports measures to promote the streamlining of flows of information between ASIC and the ATO, and the removal of red tape such as this. AIST also supports measures aimed at curtailing illegal activity and believes that this measure can only improve law enforcement efforts. As such, we support this exposure draft.

23 Dec 2016 - Senate Economics: Objective of Superannuation

This Bill, presently in front of Parliament, seeks to enshrine the objective of superannuation. AIST believes that not including the provision of a comfortable retirement income in the proposed objective is a fundamental defect in the Bill. The lack of support for the proposed definition, its lack of binding force, the absence of measurement tools, the lack of recognition of superannuation in increasing national savings and of the need to address the gender gap are also serious issues that must be addressed. An alternate definition is proposed, as is parliamentary review of statements of compatibility, and an approach to measurement.

16 Dec 2016 - ASIC Industry Funding Model

AIST strongly supports the Proposed Funding Model and its move towards transparency and accountability. The method of undertaking levies calculations and producing a CRIS based on ASIC’s past year’s activities will greatly assist transparency. AIST recommend the need to gather data to examine risk-related metrics. AIST has also made other recommendations to improve the implementation of this model.

8 Dec 2016 - ATO consults on Transfer Balance Cap guidance

Draft Law Companion Guideline LCG 2016/D9 provides guidance around the recently legislated transfer balance cap which restricts amounts going into the tax-exempt retirement phase of superannuation. AIST welcomes the guidance, and takes the opportunity to raise potential areas for clarification.

17 Nov 2016 - Joint submission: Inquiry into the Life Insurance Industry

AIST and ISA welcome this inquiry, which is examining the industry, in particular stories that may identify widespread issues and recommendations for reform. ISA and AIST are working with the superannuation and insurance industries to further improve the insurance experience of members, but there is more to do.

16 Nov 2016 - Senate Economics: Super reform package of bills

This package of bills contain tax measures proposed in the 2016 Federal Budget. AIST generally supports these measures, noting some practical difficulties to implementation. In this submission, AIST encourages prompt passing of the bills to ensure that sufficient time is given to enable implementation by 1 July 2017.

28 Oct 2016 - Alternative Default Models inquiry (issues paper)

This inquiry is to investigate alternative models to existing default fund allocation arrangements. AIST argues that members’ best interests must drive the default fund selection process, and that consumer protection must remain in place to protect the millions of Australians who choose not to choose their superannuation fund. We also argue that the existing default system must be the baseline for any comparisons.

21 Oct 2016 - Tranche 3 of superannuation reform draft bill

The third tranche of superannuation reform will implement a lower annual non-concessional contributions cap, an account balance cap on non-concessional contributions and streamlines release authorities for Division 293 taxation. AIST notes the dependence of these measures on timely and accurate data being held by the ATO, but supports these measures and their early consideration by Parliament.

21 Oct 2016 - Backpacker super to be taxed at 95%

This is AIST's submission to the Senate Economics inquiry into changes to taxation for people on working holiday visas. Included in the package of bills is a measure that will increase the effective taxation on Departing Australia Superannuation Payments to 95.75% for holders of 417/462 visas. AIST opposes this measure as we believe it to be inequitable.

20 Oct 2016 - Response to Statement of Issues: Link’s possible acquisition of Pillar

The Australian Competition & Consumer Commission (ACCC) has issued a Statement of Issues (SOI) regarding the possible acquisition of Pillar by Link Administration Holdings Ltd. AIST made a submission during the targeted consultation stage which contained our thoughts in regards to the proposed acquisition. We have considered the SOI and in this submission, we restate the comments that we made previously. Our previous submission is available here.

10 Oct 2016 - Superannuation reform package tranche 2

The second tranche of superannuation reform will implement a transfer balance cap at retirement of $1.6 million, a reduction in the concessional contributions cap to $25,000 p.a., catch-up concessional contributions, removal of anti-detriment provisions, and changes to taxation of retirement income streams. AIST notes considerable complexity for transfer balance caps, but generally supports most measures. We continue to oppose measures to reduce the concessional cap, especially for over 50s.

7 Oct 2016 - External Dispute Resolution Framework

The Government’s review of the financial system’s external dispute resolution framework must carefully consider the needs of consumers. Due to the growth of the superannuation sector the dispute resolution framework must continue to be well equipped to deal with consumer demands and AIST believes that there is scope for improvement. AIST is not opposed to the establishment of a triage service, or a single disputes handling body.

16 Sep 2016 - Superannuation reform package – Budget superannuation tax measures

AIST supports the deductibility of personal contributions, increased eligibility of tax offsets for spouse contributions and the revised arrangements for the low income tax offset. AIST suggests the general exclusion of defined befit funds from the deductibility measure, and a transitional mechanism for the LISTO.

16 Sep 2016 - Superannuation reform package – Objective of superannuation

In conjunction with other industry associations, AIST seeks that the Government consult further prior to introduction of the Bill. We seek the amendment of the primary objective to include reference to providing an adequate income that delivers a comfortable retirement. AIST also seeks an additional subsidiary objective of increasing national savings; recognition of insurance as key part of the ‘sole purpose test’; Parliamentary committee review of statements of compatibility; and the development of tools to assess compatibility.

13 Sep 2016 - Submission on Productivity Commission draft report on superannuation efficiency and competitiveness

AIST welcomes the Productivity Commission's draft report and its focus on developing appropriate evidence-based measures to assess the efficiency and competitiveness of the system

2 Sep 2016 - Response to request for submissions: Link’s possible acquisition of Pillar

While taking a neutral position on commercial matters, AIST notes that superannuation funds have increasingly limited alternatives for the provision of superannuation administration, with there being constraints to insourcing. There is already a high level of market concentration from any perspective, and any increase could also increase systemic risks. New market entrants are possible, but not known. The charts forming part of this submission are also available as a separate paper.

29 Jul 2016 - Data Availability and Use - AIST response to Productivity Commission Issues Paper

Effective use and access to superannuation data is integral to the efficient functioning and integrity of the superannuation system. Superannuation data issues have been raised in previous inquiries and steps have been taken to address especially by the ATO, but significant recurring problems – including all of those identified in the Productivity Commission issues paper – remain and require a higher priority and integrated whole-of-government focus.

17 Jun 2016 - Technology neutrality – meeting notices and materials proposals paper

This submission is AIST's response to the Government's plans to modernise financial regulation rules around the distribution of materials taking into account recent tech developments.

2 Jun 2016 - Proposed Financial Institutions Supervisory Levies for 2016-17

While AIST welcomes consultation on proposed financial levies for 2016-2017, AIST is once again concerned that insufficient detail renders the proposal as non-compliant with the Government’s Cost Recovery Guidelines and Charging Framework. AIST calls for proposed levies papers to attach Cost Recovery Impact Statements and the outcomes of the Regulator Performance Framework from all regulators (even if in draft). While not raised in the proposal, AIST firmly believes implementation of an ASIC user-pays model should not occur without further consultation. We seek information as to how the additional approx. $120million funding to ASIC will be raised.

2 Jun 2016 - AUSTRAC Industry Contribution 2016-17

AIST welcomes the opportunity to comment on the Consultation Paper. AIST seeks clarification firstly as to the basis for excluding the AUSTRAC Industry Contribution from the requirements of the Government’s Cost Recovery Guidelines, and secondly why so many entities are excluded from the Industry Contribution (this being difficult to gauge without a Cost Recovery Impact Statement having been prepared).

20 May 2016 - CP 254: Digital financial product advice

In this joint submission with Industry Super Australia (ISA), AIST supports the introduction of guidance specific to digitally provided advice that ASIC has issued. We support the clarity that the draft regulatory guide provides, however have recommended that guidance be expanded to include additional issues, including scaling advice, triage and IT outsourcing.

28 Apr 2016 - Draft regulations – life insurance remuneration reform

AIST supports the removal of the exemption to conflicted remuneration of life insurance commissions. Whilst we the additional clarification contained in the draft regulations, we emphasise that this would not be necessary if commissions had been completely outlawed as they have been on other financial products.

27 Apr 2016 - CP 255: Remaking ASIC class orders on financial services disclosure

AIST has supported the remaking of two class orders dealing with product disclosure statements.

22 Apr 2016 - Productivity Commission inquiry into superannuation efficiency and competitiveness

15 Apr 2016 - Senate Economics: Life insurance industry inquiry

AIST believes that the recent high profile failures in the insurance sector has come about due to differing expectations. AIST supports efforts to resolve this, but further notes that the many changes to policies, both at a macro/legislative level as well as at policy levels can only confuse consumers. AIST supports a code of conduct but stresses that this must be independently administered and resourced, as well as appropriately user tested. AIST also calls for a ban on commissions.

6 Apr 2016 - Objective of superannuation

AIST supports the primary objective for the superannuation being to provide retirement income for all Australians that, when combined with or in replacement of any public pension, ensures a reasonably comfortable living standard, in the spirit of fairness within and between generations.

30 Mar 2016 - CP 253: Remaking and repealing ASIC class orders on dollar disclosure

This consultation paper sets out ASIC’s proposals to remake class orders [CO 04/1431], [CO 04/1433] and [CO 04/1435] on dollar disclosure, with the repeal of class orders [CO 04/1430] and [CO 04/1432]. AIST generally supports the proposals contained in this consultation paper. However, we believe that the relief presently provided for periodic statements in [CO 04/1435] is not appropriate and recommend that it no longer apply.

18 Mar 2016 - CP 251: Remaking class order on financial product advice – exempt documents

AIST supports the proposal to continue the relief contained in Class Order 03/606 [CO 03/606] beyond the sunset date. We agree that the relief provided is sensible and should be retained.

7 Mar 2016 - Senate Economics: Changes to life insurance remuneration arrangements

This Bill removes the exemption on benefits paid in relation to life insurance products from the ban on conflicted remuneration. AIST supports the removal of this exemption, however would also support an eventual end to commissions on life insurance products. AIST does not support the ability for ASIC to exempt certain payments by way of legislative instrument, and recommends that this be phased out by way of a sunset clause. We also recommend that clawback payments be returned to investors, and that disclosure rules be toughened to ensure that commissions are better disclosed.

2 Mar 2016 - CP 247: Review and remediation programs and changes to record-keeping requirements

AIST supports the proposed ASIC guidance. The guidance would benefit from a stronger focus on independence of reviewers, as well as transparency and accessibility. The focus on whether a matter is systemic may provide a disincentive for licensees to positively act on issues that are easily addressed through a regular profiling program.

19 Feb 2016 - Exposure Draft TPB Information Sheets TPB(I) D30/2015 Cloud Computing and TPB(I) D31/2015 Confidentiality

AIST welcomes guidance for persons providing tax (financial) advice services to members of not-for-profit superannuation funds. We support this guidance but note that ideally, APRA should be consulted to ensure consistent guidance from regulators. AIST also takes the opportunity to remind the TPB that reconciliation of initial disclosure, consent and information gathering processes between TASA and Corporations Act requirements should be prioritised.

15 Feb 2016 - CP 244: Remaking ASIC class orders on dealing in underlying investments

AIST supports the existing relief granted in Class Orders [CO 02/1161], [CO 02/1073] and [CO 02/1074]. We agree with ASIC’s explanation in paragraphs 11 to 19 of the consultation paper (CP 244) that without the relief, superannuation funds would be required to hold an AFS licence which authorises funds to trade in underlying assets, as well as the need to provide a Financial Services Guide (FSG) for trading in the underlying assets. We support the combining of these three class orders into one instrument together with the other changes described in CP 244.

12 Feb 2016 - CP 249: Remaking ASIC class order on generic financial calculators

AIST supports the proposal to remake the class order on generic financial calculators, particularly given that the class order would otherwise be ‘sunsetted’. However, AIST believes that a better result going forward would be to examine both generic financial calculators and retirement income projections together. In this regard, AIST urges a review of retirement income projections, in line with the Government supporting the FSI recommendations in this regard. AIST undertook research into financial calculators and retirement income projections in 2014, in conjunction with VPR. Our research is available here.

10 Feb 2016 - 2016-17 Pre-Budget Submission

AIST does not support the Budget being used to implement changes to the superannuation tax environment without considering the outcomes of the tax inquiry process and retirement incomes review, as well as the setting of objectives for the superannuation system. We recommend that these are finalised prior to any hasty policy changes driven by fiscal short-termism. However, we continue to support Budget action on a number of specific measures to improve fairness and efficiency of the system.

29 Jan 2016 - Proposed amendments to product dashboard requirements - reporting requirements

29 Jan 2016 - Resilience and collateral protection and client money reforms

AIST welcomes measures aimed at improving resilience and stability of Australia’s financial system as well as facilitating participation in international derivatives markets. We support measures aimed at protecting retail clients, and we support efficiencies in wholesale derivatives markets, particularly where participants are Australia’s superannuation funds. We look forward to consultations around margin requirements with APRA, however we point out that any additional costs resulting from margining will be ultimately borne by members of superannuation funds. We note that the largest activity in derivative activity undertaken by funds is with regards to foreign currency hedging.

27 Jan 2016 - Extending superannuation choice to enterprise agreements and workplace determinations

AIST supports the principle of choice in superannuation but argues this has to be provided in a way that does not leave consumers worse off, and operates in an environment of meaningful disclosure and consumer protections. In the event the Government decides to proceed with this legislation, AIST proposes that the existing exemption remain for enterprise agreements where superannuation benefits in excess of the community standard are negotiated between the employer and their employees. This submission suggests ways to clarify transition and the selection of default funds.

25 Jan 2016 - Improved Superannuation Transparency

While AIST strongly supports the greater alignment of MySuper and Choice disclosure through the introduction of Choice dashboards, AIST is concerned that certain products (including platforms and legacy products) – in which there is considerable member money invested - are excluded. Alignment of MySuper and Choice is needed to protect members and ensure greater superannuation system efficiency. Greater alignment of Portfolio Holdings Disclosure to consumer disclosure to capture interposed vehicles is also needed.

15 Jan 2016 - Commissioner of Taxation's power to modify law

AIST supports giving the Commissioner of Taxation the power to modify superannuation and taxation law to provide beneficial outcomes for taxpayers. While necessary safeguards are provided, the ATO should also be required to publish an annual report on the use of this power, on an overall basis and addressing each case.

8 Jan 2016 - Willing to Work: National Inquiry into Employment Discrimination Against Older Australians and Australians with Disability

AIST’s vision is for a better retirement future for all Australians. A key component of a better retirement future for all Australians is to better enable older Australians to continue working if they are able to do so, and to contribute to their superannuation benefit. Superannuation policy is one driver of workforce participation. Superannuation policies should only be examined within the context of a framework that sets system objectives, Key Performance Indicators, and a governance mechanism to assess progress. The AIST-Mercer Super Tracker is a robust methodology for tracking the objectives of the Australian superannuation system.

24 Dec 2015 - Life insurance reform legislation

This exposure draft removes the exemption on benefits paid in relation to life insurance products from the ban on conflicted remuneration. AIST supports the removal of this exemption. AIST does not support the ability for ASIC to exempt certain payments by way of legislative instrument, and recommends that this be phased out by way of a sunset clause.

24 Dec 2015 - Raising professional standards of financial advisers

AIST supports the proposed requirements for financial advisers to require a bachelor’s degree, a professional year and the passing of an exam. We also support the requirement of an industry-wide code of ethics administered by a body chosen by the Minister. AIST submit that the transitional provisions must ensure that practitioners have appropriate time to comply.

18 Dec 2015 - IGT review of employer obligations compliance activities

AIST supports the removal of red tape for employers, however we believe that this must not come at the expense of employees’ entitlements. AIST does not support the existing model where a breach must be reactively reported by employees to the ATO, and supports the use of Single Touch Payroll, SuperStream and other technological improvements to more proactively monitor employers for non-payment. AIST believes that enforcement of other types of superannuation contribution by employers must urgently be addressed.

30 Oct 2015 - Senate Economics review of economic security in retirement for women

The superannuation gender gap is a pressing issue. AIST welcomes this review by the Senate Economics References Committee, and believes that this review, combined with the Government’s response to the Financial System Inquiry, Retirement Incomes Review and Taxation review forms an excellent opportunity to ensure that superannuation policy has a holistic gender lens applied. Although we note that the cause of the gender gap is not confined to superannuation, we believe that transparent objectives and agreed KPIs for the superannuation system will ensure that policy changes are appropriately road-tested prior to implementation.

26 Oct 2015 - Reforms to Superannuation Governance Prudential Framework

APRA has proposed draft prudential standards and practice guides designed to support the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 which is currently before Parliament. AIST does not support the changes, and is unconvinced of any resulting benefit to members. AIST would also support an approach which is less prescriptive and more principles-focussed in its approach.

20 Oct 2015 - Unclaimed super changes (draft regulations)

AIST welcomes the exclusion of members using electronic means to communicate with their fund from being lost members, and the capacity for ERFs to transfer balances to members’ active accounts without their consent. However, the removal of lost member requirement to be ‘employer-sponsored’ should exclude ERFs transferring balances into active accounts. Overall, however, AIST call for a complete overhaul of lost and unclaimed super rules as they are unnecessarily complicated, confusing and not in members’ interests.

14 Oct 2015 - Senate Economics: Trustee Governance Bill inquiry

The Superannuation Legislation Amendment (Trustee Governance) Bill 2015, currently before Parliament, proposes to impose up to one third independent directors on trustee boards.This submission is a response to an inquiry into the Bill at the Senate Economics Legislation Committee. AIST opposes this Bill for a number of reasons: We support flexibility rather than quotas, the international recognition of the equal representation model, real conflicts are ignored, existing regulator powers and the cost of disruption to business and members. Download the full submission here.

9 Oct 2015 - ASIC Industry Funding Model Proposal

Additional funding for ASIC is necessary for it to be a strong and effective regulator, able to fulfil its statutory obligations and community expectations.

28 Sep 2015 - Draft spring repeal day bill

AIST supports the ATO being able to pay superannuation directly to persons with a terminal medical condition, and the eventual removal of the Lost Member Statement, but submits the LMS removal should be delayed by one year in in order to avoid a gap in lost member reporting and improve the quality of reporting. AIST also calls on the Government to simplify and streamline lost, uncontactable and unclaimed legislation.

25 Sep 2015 - Capability review of ASIC

AIST supports this review, however believes that better value would be gained through combining both the capability and funding of ASIC together into a single review. Generally, AIST supports the level of involvement with the industry that ASIC has with industry, however we believe that this could be improved with assistance from Government and better resourcing.

25 Sep 2015 - Capability review of ASIC

AIST supports this review, however believes that better value would be gained through combining both the capability and funding of ASIC together into a single review. Generally, AIST supports the level of involvement with the industry that ASIC has with industry, however we believe that this could be improved with assistance from Government and better resourcing.

18 Sep 2015 - Changes to the SG charge

AIST supports existing measures to ensure members’ contributions are paid in a timely manner. The proposed changes reduce the bases of the SG charge shortfall amount and the nominal interest payable, reducing disincentives to employers. AIST does not support this measure and calls for this to be abandoned.

10 Sep 2015 - AIST’s final supplementary response to tax discussion paper

AIST is pleased to provide our final supplementary submission to the tax discussion paper. AIST supports a comprehensive review of superannuation and retirement incomes which takes into account the broader environment of the system, rather than considering tax changes on their own. Our submission is intended as an introduction to the AIST Mercer Super Tracker, through which we have modelled a number of proposed changes to superannuation. Our modelling, which has been undertaken by AIST in conjunction with Mercer, is attached as a separate paper.

10 Sep 2015 - AIST’s final supplementary response to tax discussion paper – attachment

This paper models 21 different proposed policy changes using the AIST-Mercer Super Tracker and forms an attachment to our final supplementary submission to the tax discussion paper.

14 Aug 2015 - Proposed changes to reporting standards for ABS

AIST welcomes the inclusion of reporting items from SRS 730.0 into SRS 330.0, and the removal of SRS 730.0. AIST strongly believes that the suite of ABS reporting forms needs to be finalised in tandem so that funds may more fully gauge implementation impacts. Implementation timeframes of at least 12 months from finalisation of reporting forms is needed.

31 Jul 2015 - Reforms to superannuation governance – APRA

The Government’s proposed changes to trustee board governance include a proposal to mandate one third directors being independent. AIST does not support this proposed change. Instead, AIST supports principles-based regulation that supports flexibility around an industry with distinctly different sectors. We have recommended several changes, including defining the term ‘independent’ in legislation and not providing APRA with the power to make determinations on an individual’s independence.

24 Jul 2015 - Tax discussion paper retirement incomes review

Expanding on our initial submission to the Tax Inquiry, AIST details a process for a robust and evidence-based review of retirement arrangements, involving a summit on the objectives of retirement incomes system, and followed by a detailed and methodical technical review and legislative support. Tools such as the AIST Mercer Super Tracker will be needed to provide measures of success in relation to sustainability, adequacy and fairness – especially to improve the lot of disadvantaged Australians.

23 Jul 2015 - Reforms to superannuation governance

AIST is pleased to respond to this draft legislation and regulations from Treasury, which will introduce a requirement for funds to have a minimum of one third independent directors, and an independent chair. AIST notes the costs involved with this measure, and notes that there is no substantive reason to make changes which arguably will not address real and demonstrated conflicts in board structures. AIST also points out that the changes are being made with some haste that may pose risks, including those to the best interests of members, as well as breaches of the rule of law.

9 Jul 2015 - APRA statistics publication and confidentiality

AIST supports the non-confidentiality of fields contained in SRF 540.0 and 710.0 in the interests of a transparent and competitive industry. AIST also supports the proposals contained in this discussion paper to provide new formats and reports containing superannuation statistics annually, as well as the availability of a data dissemination tool which would be updated frequently.

8 Jul 2015 - Amendments to AML/CTF customer identification rules

AIST broadly supports the proposed amendments to Chapter 4 of the AML/CTF rules which relate to customer identification. We have noted in passing that there will be a cost incurred with the proposed changes to the safe harbour requirements. We also note that we have a preference for these changes not to be retrospective for administrative reasons.

1 Jul 2015 - Joint submission: Cooperative, mutual and member-owned firms

Senate Economics is conducting an inquiry into the role, importance, and overall performance of cooperative, mutual and member-owned firms in the Australian economy. AIST has joined with Industry Super Australia and ME Bank to argue that, free from conflicts of interest, the quasi-mutual structure has delivered superior returns to members. Further, we recommend that the Government consider whether reform is necessary to address the conflicts of interest that emerge when for-profit banks operate for-profit wealth management subsidiaries.

19 Jun 2015 - Changes to assets test

AIST welcomes the inquiry on this Bill. Our comments are limited to Schedule 3 which contains the proposed changes to the assets test. AIST points out that the proposed changes will have a negative impact on fairness in the superannuation system and recommend that changes be considered in the broader contexts of taxation and superannuation.

10 Jun 2015 - Proposed financial institutions supervisory levies for 2015-16

AIST welcomes consultation on the collection of financial levies for 2015-16. AIST comments that the proposed levies paper does not appear to comply with the Government Cost Recovery Guidelines and OECD best practice, and therefore, we are unable to comment on the methodology used for costing the proposed levies. Our recommendations in this submission thus are around consistency, transparency and accountability. We have noted a minor reduction in the levy for 2014-15.

1 Jun 2015 - Response to tax white paper

The Government’s tax discussion paper, “Re:think” provides 66 questions on how to reform Australia’s taxation system. AIST’s submission explores the need for principles and objectives for the superannuation and tax systems aimed at providing fairness, sustainability and certainty to the superannuation system, and asks whether taxation should be considered on its own, or as part of a package which includes age pension means testing.

17 Apr 2015 - Superannuation data collection by APRA and ABS

AIST wishes to thank both APRA and the ABS for their consultation on superannuation data collection for the ABS. AIST strongly recommends that further consultation take place, based on the outcomes of an analysis to be undertaken of the differences and similarities in APRA and ABS reporting, removing reporting duplication, and preparation of a Regulatory Impact Statement. AIST also recommends a longer lead time is necessary.

15 Apr 2015 - APRA: Update on regulatory cost savings

AIST welcomes APRA’s update on its regulatory cost savings program. AIST supports the reviews that have been announced as part of this update, in particular the reviews of audit and ORFR requirements as well as the proposed reviews associated with the reporting framework. We take this opportunity to recommend a regulatory impact statement (RIS) be undertaken for any changes that are eventually recommended.

15 Apr 2015 - Simplifying when a standard choice form is to be provided

AIST supports measures to simplify superannuation administration for employers. Removing the obligation to provide a superannuation choice form to temporary residents is not opposed, but the objective will be more efficiently achieved through the Government’s Single Touch Payroll initiative. Access of temporary residents to superannuation must be maintained, along with measures to avoid the unnecessary duplication of accounts.

31 Mar 2015 - AIST releases submission to final FSI report

AIST’s response to the Government on the Final Report of the Financial System Inquiry (FSI). The FSI Final Report makes a number of recommendations about superannuation and canvasses a range of policy options.

18 Mar 2015 - Treasury draft regulations – fairer taxation of excess non-concessional contributions

AIST supports these draft regulations, which give effect to the measure to allow members to withdraw excess non-concessional amounts and associated earnings.

16 Mar 2015 - ASIC Consultation Paper CP 227 – Disclosure and reporting requirements (29QC)

AIST supports ASIC’s proposed class order relief and guidance (Option 1) on s29QC consistency, and proposes measures to improve consumer comprehension and protection through comparable disclosure across all superannuation products.

27 Feb 2015 - RG 97 review – Fee and cost disclosure in PDSs and statements

AIST welcomes ASIC’s review of RG 97 and strongly supports ASIC’s work on improving disclosure of fees and costs. We recommend that RG 97b could be further improved through clarifying interposed vehicles, disclosing actual performance fees, not carving out listed vehicles, prescribing calculation methodologies and aligning with APRA reporting requirements. AIST also supports better disclosure of related party payments and a separate review of insurance disclosure.

26 Feb 2015 - Exposure draft TPB(I) D25/2015 – Sufficient experience for tax (financial) advisers (transitional)

The exposure draft issued by the TPB explains how the Board will interpret ‘sufficient experience’ and ‘competent standard’ for the purposes of registration as a tax (financial) adviser during the transitional period. AIST welcomes this guidance.

26 Feb 2015 - Exposure draft TPB(I) D25/2015 – Relevant experience for tax (financial) advisers

The TPB exposure draft information sheet outlines the relevant experience requirements for registered tax (financial) advisers. AIST supports the requirements as drafted in this sheet and welcomes this as vital guidance.

9 Feb 2015 - 2015-16 Pre-Budget submission

AIST’s pre-budget submission discusses a range of measures that we believe are in the public interest. Issues raised in our submission include improving the fairness of superannuation, reviewing the rules associated with the age of superannuation fund members and the fairness of existing arrangements for employees, as well as the transition to 12% SG. We also raised the question of inconsistencies associated with the financial supervisory levies and recommended an increase in funding to Indigenous identification schemes.

9 Feb 2015 - ASIC – CP 226 – Remaking class orders on secondary services and general advice

AIST strongly endorses the process of sun-setting legislative instruments after 10 years, unless action is taken to review them. While CP226 covers matters which are the subject of various reviews, these are outside the scope of CP226. Accordingly, AIST supports the renewal of CO 05/835, CO 04/1572, CO 04/1573 and CO 05/1195.

30 Jan 2015 - ASIC – CP 224 – Facilitating electronic financial services disclosure

AIST strongly supports the use of electronic disclosure, and would welcome the implementation of options 1-3 as outlined in CP224, including the opportunity to develop more innovative PDSs. AIST estimates that between 25-50% per annum of current communication costs could be saved. AIST recommends that a Working Group be established to help develop greater guidance, including consumer testing outcomes, defining e-addresses and electronic delivery, and refining storage, retrieval and archiving of electronic materials.

19 Jan 2015 - APRA – Draft Prudential Practice Guide SPG 223 Fraud Risk Management

AIST supports practical guidance on fraud risk but this should be consistently provided for banking, insurance and superannuation. The PPG should also address bribery, corruption, IT and outsourcing fraud risk, especially administration-related, in more detail, and provide more clarity about expectations and useful case studies.

17 Dec 2014 - Enhanced register of financial advisers

AIST welcomes these draft regulations as vital to consumers of financial advice. AIST supports the need for an enhanced register of financial advisers. However, we recommend that this be made through legislation rather than by regulation, given the seriousness of lack of proper prescription to protect consumers. We believe that additional information should be required to assist investors, and would support the inclusion of Financial Services Guides (FSGs) as part of the register.

5 Dec 2014 - Scrutiny of financial advice enquiry

AIST welcomes this Senate Economics inquiry into the scrutiny of financial advice. AIST recommends higher education standards, ongoing professional development and independently regulated codes of conduct combined with better resourcing of regulators. Penalties for poor advice should be reviewed to ensure they better repair customer impacts. In light of recent scandals and the lack of consistency, consumers deserve better.

6 Nov 2014 - SuperStream draft regulations - contributions pass-through

AIST supports the regulation of this requirement, and makes suggestions to improve its operation, in particular: - About 31 March 2015 there should be a mechanism allowing the contributions pass through start date of 1 July 2015 to be confirmed or delayed by up to one year. - There should be further, coordinated and consistent practical guidance provided in the explanatory statement and by the ATO. - The regulation should provide a safe harbour from prosecution during its first year of operation.

31 Oct 2014 - Proposed changes to AUSTRAC's annual compliance report

Proposed changes to AUSTRACís annual compliance report Description: Problems with the current annual compliance report have been identified by AUSTRAC. AUSTRACís consultation paper outlines options to address these problems. AISTís submission addresses two of the issues raised in the consultation paper and recommends that the term ìannual earningsî be properly defined, and that AUSTRAC consider a requirement for boards to sign attestations rather than the new proposed annual compliance report.

24 Oct 2014 - Reform of excess non-concessional contributions tax

This consultation contains the exposure draft of legislation which contains reforms to the excess non-concessional contributions tax regime, allowing affected members to withdraw excess amounts.

24 Oct 2014 - TPB(I) 23/2014 – Fee or other reward for tax (financial) advisers

The Tax Practitioners Board has issued this exposure draft information sheet, which outlines how the TPB will interpret the notion of ‘fee or other reward’ for the purposes of registration as a tax (financial) adviser.

24 Oct 2014 - TPB(I) 24/2014 – Sufficient number requirements for tax (financial) advisers

The Tax Practitioners Board has issued this exposure draft information sheet, which outlines the TPB’s interpretation of the requirements for ‘sufficient number’ for the purposes of registration as a tax (financial) adviser.

22 Oct 2014 - Deductibility of contributions involving successor funds

This exposure draft contains a variety of miscellaneous amendments. AIST’s comments in this submission relate solely to the changes which allow members to claim contributions as deductions with successor funds. AIST supports this amendment.

21 Oct 2014 - CGT exemption for compensation and insurance

This exposure draft broadens the exemption for superannuation funds from capital gains tax (CGT) in respect of compensation for certain events (e.g. injury at work) or insurance policies, such as illness, injury or death.

20 Oct 2014 - Certainty for fund mergers

This exposure draft is part of a measure that was announced to proceed by the Government in November 2013. This measure is designed to provide greater certainty for members who are members of a fund that participates in superannuation fund mergers. The measure would clarify that a tax integrity rule will not be triggered when superannuation benefits are rolled over to another fund as part of a merger between funds.

17 Oct 2014 - Draft ASIC Class Order: Disclosure of Fees

AIST is pleased once again to consult with ASIC on the subject of fee and cost disclosure. This round of consultation is public, and relates to a draft Class Order aimed at clarifying the requirements for superannuation and managed investment products. The draft Class Order stems from ASIC’s report REP 398 Fee and cost disclosure.

8 Oct 2014 - Letter to Treasurer of Victoria: Changes to stamp duty on life insurance

On 1 July 2014, changes made by the Government of Victoria to life insurance came into effect. AIST’s letter to the Treasurer outlines our issues with this and recommends that TPD be treated the same way as death cover.

19 Sep 2014 - Promoting SG compliance – ANAO audit in progress

This is an audit in progress that is presently being undertaken by the Australian National Audit Office (ANAO). The objective of the audit is to assess the effectiveness of the ATO to support employers to comply with their SG obligations and identify and deal with those who do not.

19 Sep 2014 - TPB(PG) D04/2015 – Proposed guideline for a course in taxation law

Requirements for financial advisers who are required to register with the Tax Practitioners Board under the Tax Agent Services Act 2009 commenced on 1 July 2014. TPB(PG) D04/2014 contains the proposed guidelines that set out the education requirements for registered tax (financial) advisers in taxation law.

19 Sep 2014 - TPB(PG) D05/2015 – Proposed guideline for a course in commercial law

Requirements for financial advisers who are required to register with the Tax Practitioners Board under the Tax Agent Services Act 2009 commenced on 1 July 2014.

17 Sep 2014 - Treasury Legislative Amendment – Deregulation

As part of the Government’s deregulation agenda, a variety of measures have been proposed in this exposure draft, relating to taxation, superannuation and shareholdings in certain financial sector companies.

15 Sep 2014 - APRA – Draft reporting standards for select investment options

The Australian Prudential Regulation Authority has issued a draft reporting standards and Discussion Paper seeking views on reporting standards for all RSE licensees to report information in respect of certain non-MySuper investment options, which are referred to as select investment options.

15 Sep 2014 - Senate Economics – FOFA Amendment Bill_2nd inquiry

This is the second inquiry on a bill before parliament to modify certain parts of the Future of Financial Advice (FOFA) reforms that were implemented last year. Changes include amendments to the adviser best interest duties, changes to conflicted remuneration and modifications to grandfathering arrangements.

8 Sep 2014 - Professional, ethical and educational standards of financial advisers - joint submission

The Parliamentary Joint Committee on Corporations and Financial Services adopted the inquiry into proposals to lift the professional, ethical and educational standards in the financial services industry.

5 Sep 2014 - Review of retirement incomes

AIST is pleased to respond to the government’s review of retirement incomes. Our response to this review recommends that a broader review of retirement incomes be undertaken involving consideration of tax, tax environments and social security. AIST’s submission points to the issues that there is no perfect retirement income product for all retirees, and recommends that trustees build a strategy that addresses the retirement needs of their members.

1 Sep 2014 - SuperStream – pass through of employee details

In August 2014, Treasury commenced consultation on new draft regulations. Specifically, the draft amendment will require that if a superannuation fund offers a MySuper product then that superannuation fund is required to pass on contributions data it receives from any of its default employers relating to any other superannuation funds.

29 Aug 2014 - CP 221 – OTC derivatives disclosure

Derivative transaction reporting is the reporting of over-the-counter (OTC) derivative transaction information to trade repositories, and is a key element of the OTC derivatives reform agenda agreed to by the G20.

26 Aug 2014 - Response to Financial System Inquiry Interim Report

The Financial System Inquiry, chaired by David Murray, has released its interim findings in to the financial system of Australia. This is AIST's response to these findings.

8 Aug 2014 - Australia’s tax treaty negotiation program

This consultation considers the question of what should be included in future tax treaties between Australia and other countries. Australia’s tax treaties are designed to reduce double taxation and tax avoidance.

10 Jul 2014 - Registration requirements for registered tax (financial) advisers (draft regulations)

On 1 July, the notification period commenced for financial advisers who are required to register with the Tax Practitioners Board. The draft regulations released by Treasury contain the eligibility requirements for registered tax (financial) advisers which will take effect once the notification and transition periods are completed.

13 Jun 2014 - Financial Supervisory Levies 2014-15

Treasury and APRA have released the financial supervisory levies methodology for 2014-15. Proposed changes include changes to the restricted and unrestricted components, as well as to the SuperStream portion.

6 Jun 2014 - National identity proofing guidelines

The Attorney-General’s Department has sought consultation on proposed new identity proofing guidelines designed to outline a best practice, risk-based approach to verifying the identity of a person by government agencies. The guidelines may also be useful for other government agencies, private sector or non-government organisations that undertake functions that require the verification of a person’s identity.

30 May 2014 - APRA: Matters relating to risk management

In May 2014, APRA sent a letter to CEOs of ADIs and general and life companies suggesting changes to prudential standards. AIST’s submission proposes that two of the proposed changes – a definition of the word “ensure”, as well as a reference to materiality with regards to risk management declarations – are appropriate for the superannuation industry as well.

9 May 2014 - Giving effect to the FATCA IGA

In April 2014, the Commonwealth of Australia signed an intergovernmental agreement with the United States of America to improve international tax compliance and implement the US Foreign Account Tax Compliance Act (FATCA). This exposure draft gives effect to Australia’s obligations under this agreement, under which superannuation providers are generally exempt.

30 Apr 2014 - Senate Economics – FOFA repeal bill

This is an inquiry on a bill before parliament to modify certain parts of the Future of Financial Advice (FOFA) reforms that were implemented last year. Changes include amendments to the adviser best interest duties, changes to conflicted remuneration and modifications to grandfathering arrangements.

8 Apr 2014 - Draft regs – Division 293 tax - Calculating notional contributions for defined benefit interests

In 2013, the Government passed the laws relating to Sustaining the Superannuation Contribution Concession. Division 293 included additional tax on contributions for taxpayers earning more than $300,000. These draft regulations include permanent arrangements for members of defined benefit funds through the use of notional taxed contributions to calculate Division 293 tax liabilities.

4 Apr 2014 - ATO – Revised transition schedule SuperStream standard

A revised draft of Schedule 1 – Transitional arrangements to the Superannuation Data and Payment Standards 2012 was made available for consultation, based upon feedback from industry since the release of the first consultation draft in December 2013. This draft builds on the previous draft by providing greater flexibility in arrangements for the transition-in process.

4 Apr 2014 - TPB – TPB(I) D20/2014 What is a tax (financial) advice service?

This draft information sheet has been produced by the Tax Practitioners Board and sets out a guide to assist entities to determine if they are providing a tax (financial) advice service.

4 Apr 2014 - TPB – TPB(EP) D5/2014 Proposed CPE policy for registered tax (financial) advisers

This draft explanatory paper has been produced by the Tax Practitioners Board seeking comments from the industry. The draft sets out the TPB’s proposed CPE requirements for tax (financial) advisers who will be able to register with the TPB from 1 July 2014.

31 Mar 2014 - Initial submission to the Financial System Inquiry

The Financial System Inquiry, chaired by David Murray AO, is charged with examining how the financial system could be positioned to best meet Australia's evolving needs and support Australia's economic growth. AIST’s initial submission examines regulation, the issues of adequacy, sustainability and longevity, diversity and governance, systemic risk, ensuring the system delivers and consideration of post-retirement solutions.

19 Mar 2014 - AUSTRAC – Revised draft AML/CTF rules relating to customer due diligence

In May 2013 a discussion paper titled Consideration of possible enhancements to the requirements for customer due diligence was released. The purpose of that paper was to seek stakeholder views on current industry practice and the need for amendments to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) customer due diligence (CDD) regime. Revised draft rules have been prepared in response to that discussion paper, and draft rules that were released in late 2013.

7 Mar 2014 - APRA – Draft LPG 270 Group Insurance Arrangements

LPG 270 is designed to outline prudential practices in relation to group insurance. Although its target audience is life companies, AIST has sent this submission as the majority of group insurance contracts involve superannuation funds.

28 Feb 2014 - Review of the AML/CTF regime

The operation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is required to be periodically reviewed under the Act. This is AIST’s submission to the Attorney-General’s Department to this review.

19 Feb 2014 - ED – FOFA amendments

This package contains exposure drafts of a bill and draft regulations for amending the FOFA changes that were brought in recently. Changes proposed include amending the adviser best interests duty, as well as the removal of opt-in and changes to conflicted remuneration.

13 Feb 2014 - Equal representation is critical to delivering best member outcomes in superannuation

Equal representation of member and employer representatives on the boards of not-for-profit superannuation funds is critical to delivering the best retirement outcomes for members, The Australian Institute of Superannuation Trustees (AIST) said today.

12 Feb 2014 - Discussion paper – Regulation, governance, transparency and competition in the superannuation industry

The Assistant Treasurer released this discussion paper in November 2013, the purpose of which is to seek feedback on governance and transparency issues contained in the Government's superannuation election commitments. The paper also provides an opportunity for consultation on opening up competition and increasing transparency in relation to default employee superannuation fund contributions.

7 Feb 2014 - Fair Work Commission 2014 review of default fund terms

Section 156A of the Fair Work Act 2009 requires the Fair Work Commission to conduct a four yearly review of the default fund terms of modern awards starting as soon as practicable after, in effect, 1 January 2014. This is AIST's submission to the current review.

3 Feb 2014 - ASIC: CP 219 – Keeping superannuation websites up to date

This consultation paper from ASIC outlines options for the new requirements of section 29QB of the SIS Act for ensuring that fund websites are kept up to date, including remuneration and proxy voting disclosure.

3 Feb 2014 - Exposure draft: Increases to the Lost Member Small Account Threshold

This exposure draft contains amendments that effect the Government changes to the small lost member account threshold, to $5,000 from 31 December 2015, and to $6,000 from 31 December 2015.

31 Jan 2014 - Pre-budget submission 2014-15

The Treasurer, the Hon. Joe Hockey MP, has called for submissions ahead of the federal Budget in May. AIST’s submission focuses on measures to reduce red tape, measures to reduce inequity and measures to improve sustainability and adequacy.

31 Jan 2014 - APRA: Publication and confidentiality of superannuation statistics and data

APRA’s discussion paper details the reasoning behind their proposed publication of statistics, with documented reasoning behind what is considered to be confidential, and non-confidential. AIST’s submission generally supports the proposals made in this paper, however we have made a small number of very minor recommendations.

29 Jan 2014 - ATO: Draft Taxation Ruling TR 2013/D7

This draft ruling considers apportionment, for the purposes of section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997), of a loss or outgoing incurred by a superannuation entity partly in gaining or producing its assessable income and partly in gaining or producing non-assessable income.

24 Jan 2014 - AUSTRAC: Draft AML/CTF rules relating to customer due diligence

In May 2013 a discussion paper titled Consideration of possible enhancements to the requirements for customer due diligence was released. The purpose of that paper was to seek stakeholder views on current industry practice and the need for amendments to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) customer due diligence (CDD) regime.

20 Jan 2014 - ATO: Amendments to transitional arrangements, superannuation data and payment standard

This is a consultation draft provided by the ATO, which extends the timeframe for transitional arrangements, and provides an induction process to support the implementation of employer contributions in the Superannuation Data and Payment Standards 2012.

2 Jan 2014 - ATO SIRN: Verification of SMSF members and bank accounts

Submission to the ATO’s Superannuation Industry Relationship Network (SIRN), dealing with the specific issue of enabling super funds to verify both a person’s membership with an SMSF, as well as the bank account that belongs to an SMSF.

2 Jan 2014 - ATO SIRN: New employee engagement process

Submission to the ATO’s Superannuation Industry Relationship Network (SIRN), dealing with the specific issue of integration of ATO forms for TFN declaration, choice of superannuation fund and account consolidation at the time an employee commences work with a new employer.

2 Jan 2014 - ATO SIRN: Transfer of small inactive accounts from the ATO

Submission to the ATO’s Superannuation Industry Relationship Network (SIRN), dealing with the specific issue of transfers of small inactive accounts back to active member accounts.

5 Dec 2013 - AIST Submission

Treasury has released draft terms of reference for the upcoming ‘Son of Wallis’ Inquiry, to be chaired by David Murray. Draft terms of reference were released for consultation. AIST is pleased to provide this submission.

26 Nov 2013 - AIST Submission

While the subject of the Inquiry is the entirety of the proposed measures in the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 ("MRRT"), AIST makes this submission in relation to two vital parts of this package:

12 Nov 2013 - AIST Joint Submission

CP 216 sets out ASIC’s proposals to require AFS licensees and their advisers to provide certain warnings on access to compensation arrangements, explanation of trustee duties and responsibilities and disclosure of cost issues. AIST is once again pleased to join with Industry Super Australia (ISA) to make this submission to ASIC.

31 Oct 2013 - AIST Submission

In October 2013, Treasury issued the exposure draft containing details of the Government’s repeal of the Minerals Resources Rents Tax (MRRT) repeal. Contained in this ED is a repeal of the Low Income Superannuation Contribution and a 2 year delay to the increase in the SG.

24 Oct 2013 - AIST Submission

The FOFA and Stronger Super reforms have brought in new laws which mandate higher minimum conduct requirements. These new laws also prohibit the payment or receipt of a number of benefits or payments which could cause inappropriate conflicts of interest, or even biased advice. CP214 sets out the new record keeping requirements to reflect these new requirements. AIST is proud once again to join with Industry Super Australia (ISA) to make this submission.

18 Oct 2013 - Draft SPG 310 - Audit and related matters

This guidance sets out APRA’s requirements with respect to RSE licensees and their auditors. The PPG outlines sound practices for an effective external audit framework.

18 Oct 2013 - Senate Economics - The performance of ASIC

On 20 June 2013 the Senate referred an inquiry into the performance of the Australian Securities and Investments Commission to the Senate Economics References Committee for inquiry and report.

30 Sep 2013 - AIST Submission

Consultation Paper CP 212 contains updates to RG 146, including additional knowledge and skills requirements.

30 Sep 2013 - AIST Submission

Consultation Paper CP 215 proposes amendments to RG 146 which will see the old ASIC Training Register archived and replaced with standards for certification for use by RTOs and self-accrediting organisations (SAOs). The Consultation Paper also provides Class Order relief for AFS licensees.

30 Sep 2013 - AIST Submission

The Financial Action Task Force (FATF) released revised standards in February 2012. Seven deficiencies were identified in response to the revised standards by the Government. This discussion paper considers potential reforms to address these deficiencies.

4 Sep 2013 - AIST Submission

Superannuation assets that support income streams are exempted from tax in two different circumstances under subdivision 295-F of the Income Tax Assessment Act 1997: Segregation, and apportionment. This draft tax determination seeks to clarify situations with examples of where assets are considered to be pension assets as required by this subdivision.

19 Jul 2013 - AIST Submission

Provisions in the Corporations Regulations 2001 now make reference to reporting standards relating to MySuper products for the purposes of specifying some of the detail underlying the calculation methodologies of the product dashboard for MySuper products.

18 Jul 2013 - AIST Submission

On Friday 21 June 2013, AIST appeared before a hearing of the Parliamentary Joint Committee on Corporations and Financial Services (PJC), as part of the PJC’s Oversight of ASIC inquiry. AIST took three questions on notice. This is AIST’s responses to those questions.

11 Jul 2013 - AIST 2013 Submission

This discussion paper, issued by Treasury, contains the proposed registration requirements for advisers needing to be registered with the Tax Practitioners Board as registered tax (financial) advisers.

5 Jul 2013 - APRA: Prudential Guidance for Superannuation

This is a submission from AIST to APRA on the second tranche of Draft Prudential Practice Guides (PPGs) issued by APRA, covering defined benefit matters (SPG 160), management of reserves (SPG 222), remuneration (SPG 511), investment risk governance (SPG 532), valuation (SPG 533), adequacy of resources (SPG 221), contribution and benefit accrual standards (SPG 270) and payment standards (SPG 280).

5 Jul 2013 - Joint Submission: Draft Prudential Practice Guide SPG 280

AIST has joined with ASFA, ISN and FSC to lodge this submission with respect to the draft Prudential Practice Guide (PPG) SPG 280 – Payment standards. The joint bodies have recommended two key areas that they believe to be important enough to be included in this draft PPG: Gateway standards and gateway network governing body.

27 Jun 2013 - Discussion paper: Lost and unclaimed superannuation money

The Government announced in the 2012-13 Mid-Year Economic and Financial Outlook (MYEFO) an increase to the threshold below which lost superannuation accounts are transferred to the ATO from $200 to $2,000. At the same time the Government made it clear they would consult on additional ways to facilitate the process of reuniting members with their lost accounts. As part of this consultation process the Government has now released for public consultation the Lost and Unclaimed Superannuation Money Discussion Paper.

21 Jun 2013 - AIST Submission

In April 2013, the Minister for Superannuation and Financial Services, the Hon Bill Shorten MP, announced that a Council of Superannuation Custodians would be created to advise governments on changes to superannuation laws and rules. AIST is pleased to provide this submission on this discussion paper.

20 Jun 2013 - Joint Submission

This Bill amends the Income Tax Assessment Act 1997 to provide tax relief to funds where there is a mandatory transfer of default member balances to a MySuper product in another fund, as well as other measures. AIST has once again joined with ISN to provide a joint submission.

14 Jun 2013 - Joint submission to PJC: A regulatory framework for tax (financial) advice services

The exemption from the Tax Agent Services Act 2009 is due to end for financial planners on 1 July 2013.

7 Jun 2013 - Senate Economics: Tax Laws Amendment Bill no. 2

This Bill makes several amendments to tax law. AIST is only commenting on Schedule 2, which provides tax incentives for entities that carry on a nationally significant infrastructure project.

6 Jun 2013 - Draft regulations to support Sustaining the Superannuation Contribution Concession

These draft regulations define a defined benefit contribution for the purposes of the changes to the superannuation contributions concession for those in defined benefit funds earning adjusted taxable income of $300,000 or more.

21 May 2013 - AIST Submission

The Tax Practitioners Board released a draft guideline in March 2013 and invited comments and submissions. The draft guidelines set out the expectations of the Board in taxation law education that financial services professionals will need to complete prior to providing any tax advice services.

15 May 2013 - AIST Submission

These draft regulations contain a number of changes around transparency, including prescribing product dashboard, portfolio disclosure and remuneration disclosure as well as other measures. The measures are designed to give effect to changes arising from legislation implementing the MySuper and governance reforms.

13 May 2013 - AIST Submission

This exposure draft follows the Government’s announcement to increase the concessional contributions cap up to $35,000 for people turning 60 or older during the 2013-14 financial year, followed by an increase for those turning 50 or older during the 2014-15 financial year.

9 May 2013 - Sustaining the Superannuation Contribution Concession (exposure drafts)

These exposure drafts reduce the tax concession that individuals with income above $300,000 receive on their concessional superannuation contributions from 30 per cent to 15 per cent by imposing the tax under a proposed new Division 293 of the Income Tax Assessment Act 1997.

6 May 2013 - Superannuation reporting form SRF 711.0 SuperStream data collection

APRA has issued a draft form for consultation which would give insight to the rate of take up of the Data and Payment Standards issued by the ATO and some of the direct consequences of its adoption. The form is designed to collect data from the first quarter of 2013-14 to the last quarter of 2018-19 on the number of inward and outward rollovers and contributions classified by compliance with the data and payments standard; whether manual handling or error resolution was required; and the cost of straight through processing.

3 May 2013 - Discussion paper: Financial Industry Supervisory Levy Methodology

This paper seeks submissions on the design and operation of the Financial Institutions Supervisory Levy. The focus of the discussion paper is on the methodology used for the application of the levy. AIST offers feedback on the questions contained within the paper.

3 May 2013 - Exposure draft: Income tax relief for MySuper transfers

This exposure draft seeks to facilitate the Government’s MySuper reforms by providing income tax relief to superannuation funds where there is a mandatory transfer of default members’ account balances to a MySuper product in another superannuation fund. AIST supports this measure.

19 Apr 2013 - AIST Submission

AIST and ISN welcome the opportunity to make a submission on Consultation Paper 203: Age pension estimates in superannuation forecasts: Update to RG 229 (CP 203). This discussion paper examines the proposed rules and assumptions to form the basis for the inclusion of age pension figures in superannuation forecasts contained within statements, together with proposed amendments to RG 229 and Class Order CO 11/1227.

19 Apr 2013 - AIST Submission

This Bill amends the Corporations Act to facilitate trading of retail corporate bonds in Australia. The Bill also defines the terms ‘financial planner’ and ‘financial adviser’. The comments in AIST’s submission relate specifically to the definition of the terms financial planner and financial adviser.

16 Apr 2013 - AIST Submission

This new prudential standard sets out the requirements for RSE licensees who operate Eligible Rollover Funds (ERFs). AIST supports this standard and this submission contains only minor recommendations for improvement.

5 Apr 2013 - AIST Submission

This Bill introduces changes to tax and superannuation laws. AIST is only commenting on Schedules 5 and 6. Schedule 5 introduces the SuperStream measure by which multiple accounts with superannuation funds will be consolidated by trustees. Schedule 6 introduces the reduction in the government co-contribution that was announced in the November 2012 MYEFO statement.

28 Mar 2013 - AIST Submission

Prudential Practice Guide PPG 235 Managing Data Risk is to provide guidance on data risk management where weaknesses continue to be identified as part of APRA’s ongoing supervision activities. AIST has made some minor suggestions to improve the guidance contained within the draft guidance.

28 Mar 2013 - AIST Submission

This discussion paper examines ways that regulation or red tape may be reduced, with a focus on the Commonwealth public service.

22 Mar 2013 - AIST Submission

AIST was requested to provide additional information with regards to our joint submission with ISN on this exposure draft. This letter contains AIST’s response.

22 Mar 2013 - AIST Submissino

These regulations will repeal the existing Corporations Regulation 7.7A.16 and create separate grandfathering provisions for conflicted remuneration benefits which are paid by platform operators and those paid by product providers who are not platform operators.

15 Mar 2013 - AIST Submission

This paper examines the use of SBR for the lodgement of financial reports, including whether the use of SBR should be mandatory, to support business efficiency and to enhance the transparency of financial reports.

8 Mar 2013 - AIST Submission

This exposure draft outlines the framework by which financial advisers will be registered with the Tax Practioners Board (TPB). The measure also outlines the notification and transition periods prior to full implementation on 1 July 2016. This submission was lodged by AIST in conjunction with ISN.

5 Mar 2013 - AIST Submission

This consultation is on the first group of Prudential Practice Guides issued by APRA. The PPGs focus on areas APRA considers to be most important for MySuper authorisation and also include draft PPGs that relate to core elements of the prudential framework.

1 Mar 2013 - AIST Submission

The Coalition has formed a working group to develop a priorities paper for the implementation of the Coalition’s productivity strategy. This working group is to be headed by Steven Ciobo MP.

27 Feb 2013 - PJC: Reform of SMSF Supervisory Levy Arrangements Bill

This bill amends exiting legislation to increase the maximum levy payable by a trustee of a self-managed superannuation fund for an income year from $200 to $300, effective from the 2013-14 financial year, and make consequential amendments and to provide that the levy payable for a year of income is due and payable on a day specified in the regulations; and make consequential amendments.

27 Feb 2013 - PJC: Tax and Superannuation Laws Amendment (2013 Measures No.1) Bill 2013

This Bill amends the income tax and superannuation law to ensure tax is not payable on interest paid by the Commonwealth in relation to unclaimed money reclaimed from 1 July 2013.

14 Feb 2013 - Draft regulations: Tax certainty for deceased estates

A draft ruling issued by the Australian Taxation Office (ATO) in 2011 led to some uncertainty over eligibility for this exemption following the death of a member to whom a pension was being paid. These draft regulations amend the law to allow the pension earnings tax exemption to continue following the death of a pension recipient until the deceased member's benefits have been paid out of the fund.

13 Feb 2013 - Draft regulations: Repealing member protection standards

Abolishing member protection rules was recommendation 10.14 in the Super System Review, and was supported by all participants on the same basis as the account consolidation measures announced by the government as part of the Stronger Super package.

12 Feb 2013 - Levy to recoup Trio grant

In the second half of 2012, the Government agreed to provide a further grant of $16.7 million to compensate members of superannuation funds that invested in Trio and to recoup a shortfall of $2.2 million from the superannuation industry in relation to the 2011 levy. It is understood that the second grant was made to correct a calculation error relating to the writing off of a deferred tax asset and reimburse members for costs incurred since 1 January 2011. AIST still recommends that Treasury and APRA be tasked to review the calculation method for levies to take member base into account.

30 Jan 2013 - Issues paper: Consultation on reporting matters under the Workplace Gender Equality Act

The WGE Act provides an opportunity for all stakeholder groups to identify the issues affecting gender equality in the workplace. The Issues Paper (issued by FaHCSIA) provides an outline of some key areas for consideration in the development of reporting matters. The WGE Act requires that reporting matters, under the Gender Equality Indicators, be set by disallowable instrument prior to the start of the 2013 reporting cycle. These will form the basis for reporting from 2014 onwards.

30 Jan 2013 - Submission to ICGN: Principles on Institutional Investor Responsibilities Consultation

AIST’s submission to the International Corporate Governance Network’s (ICGN) review of the Statement of Principles on Institutional Investor Responsibilities.

25 Jan 2013 - 2013 Pre-budget submission to the Treasurer

On 12 December 2012, the Treasurer, the Hon Wayne Swan MP, called for submissions from Australians for the 2013-2014 federal budget, to be handed down in May 2013.

24 Jan 2013 - PJC: Answer to question on notice, MySuper tranche 4 inquiry hearing

On 22 January 2013, AIST’s Project Director, David Haynes and Executive Manager, Policy & Research, Tom Garcia appeared before a public hearing of the Parliamentary Joint Committee on Corporations and Financial Services in Melbourne. A question was placed on notice.

17 Jan 2013 - PJC submission: Service Providers and Other Measures Bill (MySuper tranche 4)

The final tranche of MySuper contains measures designed to benefit consumers, including service provider requirements, infringement notices, requirements around trustee decisions and SCT complaints, clarity around requirements for dual regulated entities, and actions for breaches of director duties.

15 Jan 2013 - ED: SMSF related party transactions

This exposure draft amends the Superannuation Industry (Supervision) Act 1993 (SIS Act) to introduce new requirements relating to the acquisition and disposal of certain assets by self-managed superannuation funds (SMSFs) and related parties.

21 Dec 2012 - Draft regulations: Accountant exemption replacement regulations

Details of the replacement measures for accountants to provide retail financial product advice with respect to self-managed superannuation funds.

21 Dec 2012 - ED: Financial planner definition

This measure sets out the changes to the Corporations Act restricting use of the terms ‘financial planner’ and ‘financial adviser’.

14 Dec 2012 - AIST Submission

The crisis management powers being sought intend to harmonise the powers available to APRA across all of its regulated industries. They include enhanced directions powers and expanded investigation powers.

14 Dec 2012 - AIST Submission

AIST’s response to the ATO on this document, which defines the transition arrangements to the new data and payment standard. AIST has already submitted on the draft statement, for which this document is schedule 1.

4 Dec 2012 - AIST Submission

AIST and ISN welcome the opportunity to make a submission on Consultation Paper 191: Approval of codes of conduct for exemption from the opt in requirement (CP 191). The opt-in requirements were most contentious aspect of the FOFA reforms, introducing requirements to ensure that advisers did not convert from conflicted forms of remuneration to ongoing fee structures where the clients receive little or no service. This discussion paper examines requirements for codes of conduct that obviate the opt-in requirement.

23 Nov 2012 - AIST Submission

This Discussion Paper commences the second stage in the consultation processes in this inquiry into Commonwealth legal barriers to older persons participating in the workforce or other productive work. It highlights ALRC thinking to date and puts forward proposals for law reform in the areas of recruitment and employment, work health and safety, insurance, social security, and superannuation. AIST’s submission relates only to chapter 8, Superannuation.

21 Nov 2012 - AIST Submissions

These draft regulations contain requirements relating to significant events notices, insurance, permanent incapacity and exemptions to the transfer of accrued default amounts where they conflict with successor fund transfer rules, in relation to transfers of members into MySuper products.

19 Nov 2012 -

Senate Education, Employment and Workplace Relations Committee Inquiry into this Bill which amends the FW Act to give effect to the Government's response to the Productivity Commission's Report into Default Superannuation Funds in Modern Awards, including default superannuation, and the Expert Panel.

16 Nov 2012 -

This paper outlines APRA’s proposals for revising the reporting requirements for superannuation entities. The proposals both implement Stronger Super reforms and update APRA’s reporting requirements, which have remained unchanged since their introduction in 2004.

13 Nov 2012 -

ISN and AIST welcome the opportunity to make a joint submission on Consultation Paper 189: Future of Financial Advice: Conflicted Remuneration (CP 189). The conflicted remuneration measures in the Future of Financial Advice legislation, which will prohibit many of the payments and benefits paid to incentivise the sales of financial products, are a critical component of the financial advice reforms.

9 Nov 2012 - AIST Submission

Draft guidance from APRA setting out their proposals for complying with the MySuper transition prudential standard. This document sets out AIST’s response.

9 Nov 2012 - AIST Submission

This bill contains the MYEFO changes to lost accounts, in superannuation, banking, FHSAs, life insurance policies as well as property held by corporations. AIST’s submission to the Senate Economics Legislation Committee is available here.

2 Nov 2012 - AIST Submission

AIST’s response to the ATO on this document, which defines the minimum requirements of certain transactions within the superannuation system including employer contributions, rollovers between superannuation entities and certain reporting obligations for superannuation purposes.

2 Nov 2012 - AIST Submissions

AIST’s submission to Treasury on the fourth tranche of draft legislation for MySuper, including rules relating to use of service providers, broader powers for APRA, complaints and SCT, dual regulated entities, actions for breaches of directors' duties and other measures.

16 Oct 2012 -

Submission from AIST on the MySuper tranche 3 bill, presently before parliament.

16 Oct 2012 -

Under this scheme, superannuation funds and employers will be required to send contributions and rollovers electronically.

28 Sep 2012 -

Under this scheme, Australians and New Zealanders will be able to transfer their superannuation benefits between certain Australian superannuation funds and New Zealand KiwiSaver schemes. AIST has proposed some improvements to the exposure draft.

2 Sep 2012 - AIST Submission

This register creates a requirement for the Commissioner of Taxation to maintain a register of information about certain superannuation entities, and for tax file number validation. AIST makes this submission in the aim of improving the flow of information and payments between superannuation funds, as well as from employers to funds.

27 Aug 2012 - AIST Submission

This measure is aimed at ensuring that tax considerations are not an impediment to superannuation funds seeking to merge and consolidate in response to the Stronger Super reforms. AIST fully supports the proposed relief and believes that this measure should be promptly passed.

27 Aug 2012 - AIST Submission

These draft regulations allow certain public sector superannuation schemes to be able to pay unclaimed money, lost accounts and the superannuation of former temporary residents to the Commissioner of Taxation.AIST supports this measure.

17 Aug 2012 -

In this letter, AIST comments on the exposure draft for the intrafund consolidation of superannuation interests and the accompanying explanatory materials.

3 Aug 2012 - AIST Submission

This measure will implement the Government's reforms relating to auditors of SMSFs as part of Stronger Super. As part of this measure, a new registration regime will be introduced for SMSF auditors. Auditors will be required to meet initial and ongoing requirements relating to their qualifications, competency and independence.

3 Aug 2012 - AIST Submission

This submission responds to five key topics covered by the Productivity Commission's Draft Report: The process for selecting default funds - the choice between options 3 and 4; employer discretion to opt-out - not a good idea; an alternative to employer opt-out - superannuation single issue enterprise agreements; factors in default selection; and grandfathering.

3 Aug 2012 - AIST Submission

This document responds to two questions directed to the Australian Institute of Superannuation Trustees by the Productivity Commission at the public hearing in Melbourne on 30 July 2012 concerning the Draft Report on Default Superannuation Funds in Modern Awards.

20 Jul 2012 - AIST Submission

In April 2012, APRA presented their response to issues raised during the consultation process for the new prudential standards which are being drafted for superannuation funds, together with draft prudential standards for review. AIST's submission supports the intent of the prudential standards as drafted with some minor recommendations to clarify and improve certainty for trustees.

20 Jul 2012 - AIST Submission

Eligible Rollover Funds have a key role in promoting account consolidation and reducing account proliferation, and are also part of the Stronger Super framework. Under the proposed legislation for MySuper, it will be possible for the MySuper benefits of a member to be transferred to an ERF without their knowledge or consent. AIST's submission is aimed at ensuring that clear, detailed and consistent information is provided by APRA to RSE licensees intending to seek authorisation as an ERF, and that the authorisation process and associated requirements are implemented in a way that is consistent with Government policy.

21 Jun 2012 - AIST Submission

The ALRC has been directed to consider all relevant Commonwealth legislation and related legal frameworks, including superannuation law on what Commonwealth legal barriers exist that prevent or deter older persons participating, or continuing to participate, in the workforce or other productive work. AIST has made a submission to this enquiry.

20 Jun 2012 - AIST Submission

20 Jun 2012 - AIST Submission

The May 2012 federal budget introduced a measure designed to reduce tax concessions into superannuation for those earning more than $300,000 in a financial year. AIST has made a submission to Treasury regarding this measure.

13 Jun 2012 - AIST Submission

This Proposals paper is aimed at ensuring that tax considerations are not an impediment to superannuation funds seeking to merge and consolidate in response to the Stronger Super reforms. The taxation relief will also ensure that default members of superannuation funds are not adversely affected if their superannuation benefits and relevant assets are transferred under the MySuper reforms. AIST recommends that the legislation be given the highest priority to pass through Parliament.

12 Jun 2012 - AIST Submission

This submission contains AIST's response to three parts of APRA's MySuper consultation package: Discussion Paper - MySuper authorisation and transition standard, Application Form and Instruction Guide - Authority to offer a MySuper product and the draft Prudential Standard SPS 410 MySuper Transition.

1 Jun 2012 -

Submission from AIST on the measures presently before Parliament designed to enhance the 'back office' of superannuation, known as SuperStream.

30 May 2012 - AIST Submission

Joint submission from AIST, ASFA, FSC and ISN on the measures presently before Parliament designed to enhance the 'back office' of superannuation, known as SuperStream.

16 May 2012 - AIST Submission

This submission identifies the key issues that should be further addressed in the third tranche of MySuper legislation before it is tabled in Parliament. The third tranche has brought MySuper closer to the original idea of simple, transparent, and comparable; and has limited the opportunity or attractiveness of alternate arrangements. AIST generally supports the exposure draft, however we recommend that some amendments be made.

1 May 2012 - AIST Submission

This exposure draft amends tax law to extend the directors' penalty regime to unpaid superannuation guarantee amounts, and restricting access to PAYG credits where directors place companies into administration or liquidation. AIST's position on this exposure draft is unchanged from the previous ED, however we welcome the broadening of the scope to include the SG charge.

30 Apr 2012 - AIST Submission

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions who opt-in to the FATCA regime around the world that hold US assets to report account details of US citizens to the US Internal Revenue Service (IRS). AIST supported submissions made by ASFA and the FSC to the IRS on this matter, detailing the safety and monitoring present in Australia's superannuation system.

22 Apr 2012 - AIST Submission

In May 2009, the Australian Accounting Standards Board (AASB) published Exposure Draft ED 179 Superannuation Plans and Approved Deposit Funds, containing a proposal for the replacement standard for AAS 25 Financial Reporting by Superannuation Plans (AAS 25). AIST made a submission to ED1791. ED 223 Superannuation Entities (ED 223) includes amendments drawn from feedback on ED 179 and is considered sufficiently different from the original ED as to require further consultation.

13 Apr 2012 - AIST Submission

This measure will provide Funds a framework within which to administer intra fund consolidation. The amendments place a duty on trustees to establish and publish rules setting out a procedure for consolidating a member's inactive interests within their fund on an annual basis. AIST argues in this submission that the requirements for intra fund consolidation should be as broad as, or broader than consolidation of accounts between funds.

5 Apr 2012 - AIST Submission

The Productivity Commission seeks to develop transparent and objective criteria against which funds wishing to be eligible for default fund status in modern awards can be assessed, on an ongoing basis, to ensure that the best interests of members are met if their superannuation contributions are allocated to a default fund under the modern award. AIST has provided full comment in this submission.

5 Mar 2012 - AIST Submission

A qualified version of AIST's original submission to Treasury for the inquiry by the PJC - Corporations and Financial Services into the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012. AIST proposed five amendments to our previous submission, which is attached to this submission.

5 Mar 2012 - AIST Submission

Joint submission from AIST, ISN and WIS support the Government proposal to raise the concessional contribution cap for individuals 50 and over to $50,000pa with total superannuation balances under $500,000 as of 01 July 2012. With regards to administration options, AIST, ISN and WIS support Option B - Do not add withdrawals to the account balance as it is the simplest and most cost effective solution. The submission also recommends that the ATO would provide account balance information through the proposed on-line portal and that account balances would be calculated as at 2 years prior. Further, AIST, ISN, and WIS recommended the introduction of the Bring Forward Rule for concessional caps, indexation of both the contribution cap and the threshold using AWOTE and that indexation should not be reset, and

24 Feb 2012 - AIST Submission

AIST's submission focuses on the items within the Exposure Draft that have direct affect on APRA regulated superannuation funds. AIST supports the proposed regulations and has no further recommendations with regards to the additional items of the ED.

23 Feb 2012 - AIST Submission

This legislation provides a framework and basis for the SuperStream data and payment standards. AIST supports this legislation as a key element in the implementation of SuperStream measures to improve the administrative efficiency of the superannuation system.

22 Feb 2012 - AIST Submission

This legislation supports other SuperStream legislative instruments in that it will enable funds to assist their members to find and consolidate their superannuation interests. AIST supports this legislation as an element in the implementation of SuperStream measures to encourage superannuation account consolidation.

22 Feb 2012 - AIST Submission

AIST supports the legislation requiring payslip reporting of superannuation contributions. Our key recommendation is that the EM be amended to note forthcoming Regulations to require the reporting of actual contributions paid from 1 July 2013, consistent with the Government's policy announcement of September 2011.

10 Feb 2012 - AIST Submission

AIST supports the amendments is to ensure that any gains or losses on certain assets of a superannuation fund will be taxed under the capital gains tax (CGT) provisions and to remove any doubt about the extent of the CGT primary code that may arise for the superannuation industry if some superannuation funds treat certain assets as trading stock. AIST also supports the transitional rules that apply, which effectively mean that the amendments are not retrospective.

8 Feb 2012 - AIST Submission

AIST's submission on draft tax ruling TR 2011/D6 - Income tax: deductibility under subsection 295-465(1) of the Income Tax Assessment Act 1997 which deals with the deductibility of which parts of insurance premiums are deductible to superannuation funds.

31 Jan 2012 - AIST Submission

On 26 April 2010, the then Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, announced the Future of Financial Advice (FOFA) reforms. The FOFA reforms represent the Government’s response to the 2009 Inquiry into Financial Products and Services in Australia by the Parliamentary Joint Committee on Corporations and Financial Services (PJC Inquiry), which considered a variety of issues associated with corporate collapses, including Storm Financial and Opes Prime.

31 Jan 2012 - AIST Submission

AIST has prepared this submission in response to the Treasurer’s request for public submissions regarding structure and content of the 2012-2013 Commonwealth Budget.

25 Jan 2012 - AIST Submission

AUSTRAC has released its revised Cost Recovery Impact Statement - Exposure Draft that outlines AUSTRAC's revised supervisory levy model and charging structure. The key revisions relate to the large entity component charging tiers as well as introducing a cap on the transaction reporting component payable by a group of leviable entities. AIST's main concern relates to the large entity component levy and the applicable earnings measure with respect to superannuation funds. As stated in the ED, the earnings measure for the purposes of this component is earnings before income tax expense, net financing costs, depreciation and amortisation (EBITDA).

20 Jan 2012 - AIST Submission

The Government has announced its decisions on key design aspects of its Stronger Super reforms. A key component of these reforms is the creation of a new simple, cost-effective default superannuation product called MySuper.

20 Jan 2012 - AIST Submission

In the 2011-12 Budget, the Government announced the introduction of the refund of excess concessional contributions. This measure will give eligible individuals the option to have excess concessional contributions of up to $10,000 taken out of their superannuation fund and assessed at their marginal income tax rate rather than incurring the excess contributions tax

16 Jan 2012 - AIST Submission

The Government has announced its decisions on key design aspects of its Stronger Super reforms, and is now proposing to implement these reforms in several tranches of legislation: of which this Bill is the second tranche.

21 Dec 2011 -

The Australian Institute of Superannuation Trustees (AIST) would like to thank the Australian Prudential Regulation Authority (APRA) for the opportunity to make submissions on the proposed prudential standards for the superannuation industry.

15 Dec 2011 - AIST Submission

Australia's retirement system is based on a three-pillar approach of age pensions, compulsory super contributions and voluntary private savings. When the Keating government introduced the superannuation guarantee ("SG") in 1992, the ultimate target was 15 per cent. However the enacting legislation specified a schedule of increases to only 9 per cent, which was reached in 2002.

14 Dec 2011 - AIST Submission

AIST has already made a previous submission in this inquiry regarding the Corporations Amendment (Future of Financial Advice) Bill 2011 (“the previous Bill”). This submission relates to the subsequent Corporations Amendment (Further Future of Financial Advice) Bill 2011 (“the Bill”, “the proposed Bill”) but should be read in conjunction with that.

9 Dec 2011 - AIST Submission

On 10 May 2011, the Government announced that they would introduce a new infrastructure tax incentive to promote private investment for infrastructure projects designated to be of national significance. This infrastructure tax incentive is part of a broader package of reforms to build the infrastructure Australia needs to compete in the twenty-first century.

28 Nov 2011 - AIST Submission

The Australian Institute of Superannuation Trustees (AIST) is an independent, not-for-profit professional body whose mission is to protect the interests of Australia's $450 billion not-for-profit superannuation sector.

25 Nov 2011 - AIST Submission

AIST is supportive of the proposed reforms regarding ongoing fees for financial advice; however we have a few areas of concern in the Bill that we wish to raise. We also note that our understanding of the intent of this policy is to prevent clients being charged for ongoing advice that they do not receive.

22 Oct 2011 - AIST Submission

The Exposure Draft provides the legislative detail for the core provisions of MySuper, including the changes to superannuation guarantee requirements, the application process for MySuper, the MySuper authorisation process, the characteristics of a MySuper product, permitted fees and charging rules associated within a MySuper product.

20 Oct 2011 - AIST Submission

AIST recommends that the Government adopt its previous model of allowing CGT rollover relief as a key mechanism to improve the efficiency of the superannuation system. Specifically, AIST submits that CGT rollover relief for both gains and losses be made available to all funds that make application to APRA to merge no later than 1 October 2013. This relief should also be made available to funds that do not seek, or are unable to obtain MySuper authorisation, and who may therefore be required to transfer their assets to another superannuation entity.

20 Oct 2011 - AIST Submission

On 26 April 2010, the then Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, announced the Future of Financial Advice (FOFA) reforms. The FOFA reforms represent the Government's response to the 2009 Inquiry into Financial Products and Services in Australia by the Parliamentary Joint Committee on Corporations and Financial Services (PJC Inquiry), which considered a variety of issues associated with corporate collapses, including Storm Financial and Opes Prime.

13 Oct 2011 - AIST Submission

This submission to Treasury covers AIST's response to the proposed Exposure Draft ('the ED').

1 Sep 2011 - AIST Submission

On 26 April 2010, the then Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, announced the Future of Financial Advice (FOFA) reforms. The FOFA reforms represent the Government's response to the 2009 Inquiry into Financial Products and Services in Australia by the Parliamentary Joint Committee on Corporations and Financial Services (PJC Inquiry), which considered a variety of issues associated with corporate collapses, including Storm Financial and Opes Prime.

1 Sep 2011 - AIST Submission

ASIC has released consultation paper CP164, which gives new guidance to people who give financial product advice to retail clients about how to scale that advice. This paper builds on ASIC Regulatory Guide 200 Access to advice for super fund members (RG200) and utilises findings from ASIC's Report 224 Access to Financial Advice in Australia. The proposals in this consultation paper are aimed at increasing access to advice for Australians by facilitating the provision of piece-by-piece advice, where appropriate and practical.

1 Sep 2011 - AIST Submission

On 1 July 2007, measures took effect to limit the amount of contributions that Australians were able to make into their superannuation. For the first time, contributions could be subject to tax in addition to the ordinary 15% concessional tax rate on contributions that originated from employers where contributions were received in excess of a legislated limit.

11 Aug 2011 - AIST Submission

The Australian Institute of Superannuation Trustees (AIST) is an independent, not-for-profit professional body whose mission is to protect the interests of Australia's $450 billion not-for-profit superannuation sector. AIST's members are the trustee directors and staff of industry, corporate and public-sector superannuation funds, who manage the superannuation accounts of two-thirds of the Australian workforce.

29 Jul 2011 - AIST Submission

Fraudulent phoenix activity involves the deliberate liquidation of a company to avoid paying liabilities - including employee entitlements, such as superannuation, and taxes. The business then 'rises' and continues operations through another corporate entity, controlled by the same person or group of individuals, often with a very similar name and free of the debts. These amendments will help to secure workers' superannuation, and are not limited to directors of phoenix companies, but apply broadly to directors' obligations to cause their company to pay certain tax liabilities and superannuation guarantee amounts for employees.

1 Jul 2011 - AIST Sumbission

As a result of the flat taxation of concessional contributions, around 3.5 million Australians get little or no income tax concession on their superannuation guarantee contributions or, worse still, have these contributions taxed more heavily than their normal income.

1 Jul 2011 - AIST Submission

Deductions for the cost of total and permanent disability insurance provided through superannuation' Consultation Paper June 2011

23 Mar 2017 - No place like home: the impact of declining home ownership in retirement

Research completed for Saul Eslake for AIST.

23 Mar 2017 - International investment disclosure trends

This research identifies and collates international best practice trends in the disclosure of fees and costs applying to investment managers and superannuation funds in major capital markets.

1 Mar 2017 - Fee and performance analysis

AIST has commissioned SuperRatings to examine what consumers are getting from profit-to-member superannuation funds when compared with superannuation funds run for profit (mainly by banks). This research examines over 5,000 investment options and fees, investment returns, and whether the investments underlying the investments are comparable. This report also examines a comparison with a similar report undertaken in 2015 and finds that Choice investment options have remained relatively unchanged regarding fee structures. Choice investment options in the for-profit sector (mainly run by banks) generally provide lower investment returns than the profit-to-member funds and are between 53% to 280% more expensive.

2 Feb 2017 - Global operations of pension systems

This research examines the objectives of various pension systems around the world, the metrics used to measure their success, and whether there are processes in place for pension reform.

19 Dec 2016 - AIST/WIS 2016 Women’s Super Summit report

AIST and Women in Super (WIS) held the second Women’s Super Summit in Melbourne on Friday 18th November, 2016 to look at ways to close the super gender gap. This report is a summary of the presentations and group discussions from the day.

1 Dec 2016 - RG97: Disclosing fees and costs

This report examines how RG97 addresses the key objectives of providing consumer protection, the impact RG97 may have on asset allocations, and examines specific RG97 issues associated with estimations of costs.

16 Nov 2016 - Lifecycle MySuper Product Fees

This research investigates the relationship between MySuper asset allocations, investment fees and member outcomes. It concludes that the majority of funds use a fixed asset allocation that does not vary by age. Lifecycle options (i.e. investment options which do vary by age) are typically used by retail funds, rather than by not-for-profit funds. Where they are used by not-for-profit funds, de-risking (more conservative investments) usually starts at older ages than in retail funds. Building more conservative investment portfolios at earlier ages will see a reduction in member retirement outcomes.

16 Aug 2016 - Expenditure patterns in retirement

This research, which examines spending patterns of Australians, finds that the expenditure of most retirees is modest, regardless of their level of income. The research – commissioned by AIST and conducted by the Monash Business School’s Australian Centre of Financial Studies (ACFS) – finds that 80 percent of retirement households reported expenditure levels considered to be the most basic standard of living for retirees. The research is based on data from the 2014 Household, Income and Labour Dynamics (HILDA) survey, and compares the data over a twelve year period.

1 Dec 2015 - Fee and performance analysis

AIST has commissioned research through SuperRatings to examine what consumers are getting from not-for-profit superannuation funds when compared with superannuation funds run for profit (mainly by banks). The research examines over 5,000 investment options. The research analyses fees, investment returns, and whether the assets underlying the investments are comparable – what are consumers getting on a like for like basis. A key finding of the report is that, in the Choice space – consumers are paying up to four times more in super fees for some retail funds and usually getting lower return.

15 Sep 2015 - Modelling of superannuation tax proposals

AIST and Mercer have developed the Super Tracker to assess the progress of Australia’s retirement income system based on the available evidence and to make important contributions to the discussion about the system’s ongoing development including the fairness of taxation arrangements. This paper focuses on how the Australian super system stacks up on fairness, adequacy, and sustainability.

31 Aug 2015 - Superannuation in the post-retirement phase

The Financial System Inquiry (FSI) recommended that trustees develop a pre-selected option for members to receive their superannuation in retirement. But how might trustees go about developing these? Funds do not necessarily have homogeneous memberships, so there is no ‘one-size fits all’ solution. This paper, developed by the Australian Centre for Financial Studies (ACFS) for AIST examines a series of hypothetical members to ascertain what needs trustees will need to consider.

15 Aug 2015 - Meeting members' advice needs

Australians increasingly recognise the need to save for their retirement, and the risk that they will not have enough super. However, with the system likely to contain $7 trillion in assets within 20 years, it is clear that members’ advice needs will need to be met. This survey, conducted in conjunction with Industry Super Australia shows the growth in the advice offerings of not-for-profit super funds and they rise to embrace this new challenge.

3 Aug 2015 - Super Reality Check - Busting the $1 million retirement myth

One of the great things about Australia’s compulsory superannuation is that it is founded on the belief that all Australians deserve a dignified retirement. Yet when it comes to debating the big issues around superannuation – the objectives of the system, the tax rules or indeed, what makes for a dignified retirement - all too often the debate centres on the expectations of high income earners as opposed to what is relevant for the majority of working Australians.

15 Mar 2015 - 2025: What will the superannuation industry look like in a decade

AIST in conjunction with BNP Paribas Securities Services, undertook research to identify key longer-term issues the superannuation industry may face. By asking where you think the industry will be in 2025 we sought to consider how to best shape our industry, overcome challenges and maximise opportunities for asset owners, managers and investors.

15 Dec 2014 - Superannuation projections: A discussion paper

AIST commissioned research to consider the design and regulatory treatment of superannuation projections. The aim of the research was to explore how the value of static superannuation projections to members can be improved. The research also examines interactive superannuation calculators by way of comparison with static superannuation projections.

15 Sep 2014 - International trends and how Australia stacks up

The growing significance of superannuation - both to the members it serves and the Australian economy - underscores the importance of best practice governance of superannuation funds. Strong trustee governance practices reduce the potential risks faced by a superannuation fund, with flow on effects for the fund's stability and sustainability. Good performance and sustainability are fundamental to optimising members' retirement benefits..

15 Sep 2014 - (Summary) International trends and how Australia stacks up

The growing significance of superannuation - both to the members it serves and the Australian economy - underscores the importance of best practice governance of superannuation funds. Strong trustee governance practices reduce the potential risks faced by a superannuation fund, with flow on effects for the fund's stability and sustainability. Good performance and sustainability are fundamental to optimising members' retirement benefits..

15 Jul 2014 - Navigating the new MySuper landscape

AIST commissioned RiceWarner to examine the extent MySuper has delivered on its promise of improved retirement incomes, the characteristics of common MySuper investment solutions, the differences and similarities between MySuper products and "lookalike" products, and emerging trends in the evolution of MySuper products.

28 Mar 2014 - Involuntary Retirement, Characteristics and Implications

AIST commissioned The Australian Centre for Financial Studies to identify cohorts who retire involuntarily. Such cohorts would be adversely affected by any changes to preservation age and age pension age and would need policy recognition. Since AIST commissioned the report, there has been considerable political and media discussion regarding lifting of the preservation age and the age pension age.

1 May 2013 -

There is no official ‘age of retirement’ in Australia, so this research examines the ‘age of retirement’ and includes an examination as to whether Australians believe they will have sufficient retirement moneys, the gap between preservation age and age pension age, how many Australians go back to work after they have ‘retired’, involuntary retirement issues, and international trends on determinants of actual retirement decisions.

AIST and the Financial Services Council (FSC) have released joint research which predicts that roughly 65 % of future retirees currently aged 25 years or younger will achieve adequate levels of retirement savings under the proposed timetable to increase the SG to 12%. The research also shows that under a 9% SG regime, at no stage would two-thirds of current and future generations of workers have ever achieved the levels of adequacy required by age 65 years.

Superannuation over the past decade: Individual experiences

This report uses data from the HILDA survey to examine individual and household superannuation experiences over the past decade. It draws on only a very small portion of the information available in that survey which includes data about individual characteristics and experiences beyond that which superfunds have about their members.

In the 2010 Federal Budget, the Government proposed a gradual increase in the Superannuation Guarantee from nine to 12 per cent. This paper, commissioned by AIST and produced by the Australian Centre for Financial Studies (ACFS) explores the costs and benefits of the proposed increase, and both measures retirement income adequacy and calculates the replacement ratio, using a number of simulations.

Carbon Counts

AIST commissioned Trucost to analyse carbon risks and management of climate change issues in the Australian equity portfolios of superannuation funds. The research aims to answer three questions: How exposed are Australian superannuation fund assets to carbon costs under proposed regulations to limit carbon emissions? How significant is the variation in exposure to carbon costs (identified by carbon footprints) among Australian equity portfolios? How can investment professionals measure and manage carbon risks and opportunities in equity investments?

Asset Owners Climate Change Initiative

In 2008, AIST partnered with the Climate Institute to establish the Asset Owners Climate Change Initiative, involving surveys of both superannuation funds and asset consultants. The third annual fund survey results reveal the climate change capabilities of Australia's largest superannuation funds, including their abilities to manage risk and realise opportunities for growth.

AIST - Russell Investments super engagement index

AIST is encouraging the debate on the overall structure and level of fees paid to fund managers, and has undertaken research into questions raised but not fully answered by the Cooper Report.

Super-poor but surviving: experiences of Australian women in retirement

Many studies have explored the issue of adequate retirement incomes, but few have explored in detail the actual experiences of people in retirement, particularly women, and how their incomes and other lifestyle factors have affected their lifestyles. This study aims to do just that. AIST has sought to build on current research around the gender gap in retirement incomes, particularly in terms of superannuation coverage, and to explore more ways in which policies and products can better cater to women's needs.