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AIST Annual General Meeting 2020
AIST will hold a virtual annual general meeting on Wednesday 17 June 2020 at 4.00 pm (AEST), with the event held online due to social distancing measures.
A full schedule of the AGM and details on how to participate can be found on the AIST website.
AIST’s Trustee of the Year award will also be presented at the AGM. The award, usually announced live at CMSF, recognises outstanding trustees that have demonstrated commitment to upholding the values of the profit-to-member super industry and demonstrating of a strong commitment to the retirement outcomes of their members. The event is open to all.
APRA extends Covid-19 data collection
APRA has indicated it will release new data collection measures shortly to enable ongoing assessment of the impact of COVID-19 on the superannuation industry.
AIST was provided with a preliminary copy of the reports for the COVID-19 Ongoing Data Collection (ODC) with APRA seeking feedback by midday Wed 10 June, allowing 1.5 business days to collate feedback.
AIST raised a number of concerns about the reporting including the lack of consultation, the operational and resource impact, overlap with existing reporting, and inconsistent timeframes across the reports.
AIST has and has also sought clarity on what elements APRA intends to publish as some data requested is commercially sensitive.
APRA has worked closely with ASIC in developing aspects of the ODC, which will comprise both monthly and quarterly reporting.
The purpose of ODC is to:
Summary of content of the new forms below
COVID-19 ongoing data collection
1. Member benefit flows
2. Complaints, insurance, advice
3. Operational resilience
1.Foreign currency exposure
3. Investment by option
4. Member switching
5. ERI payment demographics
6. Insurance cancellations
ASIC updates schedule for IDR, product intervention powers & DDO
ASIC has updated its schedule of ongoing work and announced dates for key policy work on internal dispute resolution (IDR), product intervention powers and Design and Distribution Obligations.
The updated timetable of ongoing work reflects changes from its adjusted work program announced on 14 April 2020.
Regarding internal dispute resolution, ASIC will publish a new regulatory guide, RG 271 Internal dispute resolution in July 2020, outlining updated IDR standards and requirements. RG 271 is scheduled to commence on 5 October 2021.
A second phase of targeted consultation on IDR data collection and reporting will be commenced in Q3 2020, building on feedback that was provided to CP 311 Internal dispute resolution: Update to RG 165.
Additionally, ASIC will publish a regulatory guide in June 2020 on how it will use product intervention powers, as well as to publish final regulatory guidance regarding Design and Distribution Obligations in Q3 2020.
While ASIC has previously deferred a review into insurance in super review, it now anticipates being in a position to publish a report by December 2020.
ASIC has also published its Interim Corporate Plan, which provides an updated overview of regulatory work as originally set out in its Corporate Plan.
Early release gender discrepancy as applications hit 2 million mark
Analysis of early release application data has shown that more men have accessed super than women, despite more women being affected by job losses as a result of COVID-19.
AIST head of advocacy Mel Birks has suggested there needs to be some further investigation into behavioural differences about what is influencing the discrepancy and what it means going forward.
Other demographic data shows that 1 in 2 applications made for early release are by younger workers under the age of 35 and that Queensland workers have made the most applications (adjusted per capita).
The most recent early release figures show that 2 million applications have been approved, totalling $16.8 billion in withdrawn super. The average amount withdrawn is $8400.
A number of superannuation-related bills are scheduled for debate in parliament this week, including the Your Superannuation, Your Choice bill currently before the Senate.
Currently before the House of Representatives are the Australian Prudential Regulation Authority Amendment (APRA Industry Funding) Bill, which forms part of a series of bills relating to the financial institution supervisory levy framework.
The Treasury Laws Amendment (More Flexible Superannuation) aimed at enabling individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule.
Scheduled for debate in the Senate on Friday 12 June is the Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 which will amend the Superannuation Guarantee (Administration) Act 1992 to provide that employees under workplace determinations or enterprise agreements have the right to choose their superannuation fund.
Profit-to-member trustees make Queen’s Birthday Honours list
Four AIST members from the Profit-to-member super sector received recognition for their service and contribution to superannuation and the business community in the Queen’s Birthday Honours.
Sunsuper director and Women in Super chair, and former President of AIST, Cate Wood was recognised for significant service to the superannuation sector, to women, and to trade unions.
QSuper director and secretary of Queensland Nurses' and Midwives Union, Beth Mohle was recognised for significant service to industrial relations, to the nursing profession, and to the superannuation sector.
CareSuper chair, Terry Wetherall was recognised for significant service to business and commerce, to the superannuation sector, and to the community.
AustralianSuper director and CEO of the Australian Industry Group, Innes Willox was also awarded for significant service to business, particularly to industry, and to the community.