legalsuper re-appoints fund administrator Link Group

After its fifteen-year association, legalsuper has announced the re-appointment of Link Group as its fund administrator following a rigorous competitive review.

According to legalsuper’s chief executive, Andrew Proebstl, the fund used assessment criteria covering: organisational strength, technology infrastructure, service, compliance and experience, pricing, and strategic compatibility in determining the best administrator for legalsuper.

“As our members continue to become more engaged with their super, and as a result seek higher levels of service, support and information, we need to ensure we take full advantage of continuing developments in technology infrastructure and capabilities to meet these expectations,” Proebstl said.

Link Group managing director, John McMurtrie said “legalsuper is a key client of Link Group and we have enjoyed working with them to achieve their strategic objectives in the legal and professional services industries”.

Attention female ASFA members: Leadership development scholarships available

Building on the significant developmental momentum achieved during the 100 Days for Change campaign last year, Women & Leadership Australia is administering a national initiative to support the development of female leaders across the finance sector.

The initiative is providing women with partial grants of between $3,000 and $7,000 to enable participation in a range of leadership development programs.

The scholarship funding is provided with the specific intent of providing powerful and effective development opportunities for women across the sector; however the funding is strictly limited and has to be allocated prior to the end of March.

Find out more and register your interest by completing the Expression of Interest form here prior to March 15th:

Global survey shows work life balance and rapid career progression rank with salary

Work life balance involving flexible working arrangements is nearly as important as salary amongst young graduates seeking professional positions, according to a global survey conducted by the CEMS Global Alliance of Business Schools.

The survey of more than 750 recent graduates in nearly 60 countries also found that the promise of rapid career progress and an opportunity to make an early impact were significant factors when choosing a career path.

Three quarters of respondents, the majority in their early twenties, expected to have an executive level role within 10 years or less while 25 percent expected to achieve this level within five years.

The chair of CEMS and Dean of the University of Sydney Business School, Professor Greg Whitwell noted:

“While being highly motivated and ambitious, these young people also want to lead balanced, well rounded lives and, importantly, they want to make a positive impact on the lives of others.”

ASFA Policy Update

The Royal Commission

  • The Royal Commission released its final report on 4 February.
  • There are a range of recommendations but those relating to superannuation were targeted and relatively moderate.
  • The Government, Opposition and ASIC have all released further detail about their responses to the Royal Commission into misconduct in the banking, superannuation and financial services industry.
  • ASFA is consulting with members on the details of the recommendations, such as single default for life and restrictions on advice, as we prepare our response.

Productivity Commission

  • The Productivity Commission released its final report into on 10 January 2019.
  • The Productivity Commission has left its primary recommendations unchanged. These include:
    • A top ten ‘best in show’ model for default funds
    • Defaulting only once for new entrants to the workforce, which was picked up by the Royal Commission
  • ASFA is concerned about the effect a top ten model would have on competition and innovation.
  • ASFA has supported ‘lifting the bar’ rather than introducing the recommended ‘Top 10 Best in Show’.
  • ASFA is consulting with members on developing an appropriate and feasible approach as to how MySuper products could be assessed.

Dispute resolution

  • ASIC’s consultation on reforms to internal dispute resolution arrangements has been deferred until late March/early April.
  • Both the Government and Opposition have made announcements about expanding consumers’ access to AFCA, in light of the Royal Commission. ASFA is seeking to confirm any impact on superannuation complaints.