MySuper product heatmap
Small and medium super funds face sustainability challenges
… Analysis of the sustainability 1 metrics in the 2021 MySuper and Choice heatmaps 2 , published today, confirms the … members: Mergers since the release of the first MySuper Heatmap in 2019 have delivered a combined total fee savings … (or $60 per account). Simplification programs, including product consolidations, have delivered fee savings to …
Opening Statement to Senate Economics Legislation Committee - June 2021
… industry practices and eliminating unacceptable product performance remains a key focus for APRA. We believe … the fees they pay. As an example, since the first My Super heatmap in December 2019 and the update a year later, 71 per cent of MySuper members saw a reduction in fees and costs, with an …
APRA Deputy Chair Helen Rowell - Speech to AIST 2020 Trustee Forum
… of trustees (across all industry segments, and both MySuper and choice products), we recently completed a … determined the peer products to be used for their choice product assessments. This will also assist the trustee to … its members. Work is well advanced to create a “choice” heatmap to sit alongside the existing MySuper Product Heatmap …
APRA Deputy Chair Helen Rowell - Speech to the Australian Institute of Superannuation Trustees Chairs Forum
… heatmaps providing our assessment of performance for all MySuper products. This initiative is designed to provide … over time. We’ve previously flagged the four areas the heatmap will cover, namely investments, fees and costs, … you is that the heatmap will not include a single, overall product level assessment. Rather, the heatmap will display …
APRA Member Margaret Cole - Speech to the Investment Magazine Chair Forum
… today. Since APRA published the results of the inaugural MySuper performance test in August last year, there has been … Over the past few months we have been analysing the heatmap data for insights into the sustainability of member … landscape, with poor performance in any superannuation product having nowhere to hide; and innovative retirement …
Deputy Chair Helen Rowell - speech to Investment Magazine's Chair Forum
… periods for superannuation since the introduction of the MySuper regime and APRA’s prudential framework in 2013/14: … by unnecessary fees and life insurance premiums; APRA’s MySuper heatmap delivered a substantial lift to both transparency and …
Opening statement for Senate Economics Legislation Committee - March 2021
… In December 2020, APRA published its third MySuper Heatmap. The good news was that the latest Heatmap showed that 71 per cent of MySuper members received a reduction in fees and costs since …
APRA proposes major increase in superannuation data transparency
… proposes publishing new aggregate industry, fund-level and product-level statistics containing key metrics, including … until now, APRA has only published product-level data for MySuper products . Executive Board Member Margaret Cole … a more complete picture of the industry. As with the MySuper and Choice heatmaps and Your Future, Your Super …
APRA takes next steps to expand its superannuation data collection
… and options, and collecting more granular and consistent MySuper data to provide a more complete picture of … products and options in an expanded version of our MySuper Product Heatmap . “An enhanced superannuation data collection is …
APRA Deputy Chair Helen Rowell - Speech to AIST Conference of Major Superannuation Funds
… as part of the Stronger Super reforms took effect, and the MySuper regime was being implemented. Eighteen … – fees are a clear example. Since launching our MySuper Product heatmap in November 2019, total fees in the sector have …
APRA Deputy Chair Helen Rowell - Speech to ASFA Conference
… 2021, APRA intends to continue with the publication of the MySuper heatmap and we expect this to remain on a December release … plan to rapidly improve outcomes for members or close the product. Operating with uncertainty In an uncertain world, …
Opening Statement to the House of Representatives Standing Committee on Economics - December 2019
… intend to continue to do that. Superannuation fund heatmap When it comes to improving outcomes for … information on the outcomes being delivered by every MySuper product – will be published in full next week, and represents …
APRA Executive Board Member, Margaret Cole - Speech to the Women in Banking and Finance webinar
… the new annual performance test, any APRA-regulated super product that falls more than half a percentage point below a … release the first performance test results covering all MySuper products 1 . Many super members will learn for the … up scrutiny of choice products. APRA’s MySuper Product Heatmap has already played an important role in providing …
APRA Executive Board Member, Margaret Cole - speech to the Financial Services Council webinar
… reluctance to pursue beneficial fund consolidation and product rationalisation is puzzling. I have also observed the … members and those with low balances, or APRA’s first MySuper Performance Heatmap and Superannuation Data Transformation . The sheer …
APRA Member Margaret Cole – Remarks to the Fund Executives Association Limited Members' Discussion Forum
… laws and regulation; Performance and performance tests; MySuper and Choice; Governance; The best financial interests … fees. APRA is preparing to publish our third MySuper Product Heatmap and our first Choice Product Heatmap, and an insights …
APRA Member Margaret Cole - Speech to the Financial Services Council Policy Briefing
… and the story is very different, with only a handful of MySuper products finishing the year in the black. The … for the industry – with the publication of the Choice Heatmap. We are now collecting data directly from trustees so … members. You can expect our push to eradicate unacceptable product performance to continue by intensifying pressure on …
APRA moves to strengthen transfer planning in superannuation
… was previously guidance; and relating to the transfer of MySuper assets within 90 days in the event that APRA cancels a trustee’s authority to offer a MySuper product. APRA will also look to strengthen and simplify the …
Opening statement for Senate Economics Legislation Committee’s Inquiry into the Treasury Laws Amendment (Your Future, Your Super) Bill 2021
… out persistent underperformers, including through our MySuper Product Heatmap, which resulted in significantly reduced fees and …
APRA Chair Wayne Byres - Speech to the Gilbert + Tobin Conversation Boardroom event
… focussed on data needed to support assessment of the new MySuper products. To reduce burden and promote efficiency, we … to accounting standard requirements and proposed product dashboard definitions for data on expenses, … relative to the likely reaction to the publication of the heatmap. No doubt there will be fierce complaints – …
Opening Statement to Senate Economics Legislation Committee - March 2020
… end of the year. In December, APRA published its first heatmap providing data on the performance of every MySuper superannuation product. The heatmap was a major step forward for industry …