From across the desk
Message from Bill Danaher, General Manager at Q Invest.
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As we head into the new financial year the much anticipated Final Report of the Cooper Review (released on 5 July 2010) has recommended some big changes for the superannuation industry.
The Final Report offers 10 “recommendation packages” comprising over 170 recommendations relating to the governance, efficiency, structure and operation of Australia’s superannuation system.
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The area attracting the most attention is the recommendation that the Government introduce a new default fund option to be called ‘MySuper', which the review panel expects to replace the default fund option for about 80% of employees.
MySuper is designed with two groups of members in mind: those who take no real interest in their super (at least not initially) and those who choose to be in a large, low-cost and well-managed product where the investment strategy is overseen by the trustee.
The key features of the option appear to be lower fees, easy comparison with other options, intra-fund advice and the use of plain English in relevant superannuation documents.
In terms of industry reaction, The Australian Institute of Superannuation Trustees (AIST) welcomed the thrust of Cooper's recommendations. Meanwhile, the Association of Superannuation Funds in Australia (ASFA) said it would be consulting extensively with members before giving its detailed position to the Government.
A formal response to the Cooper Review is currently under consideration by the Government.
For more information visit the Government’s Super System Review website .
Q Invest and The Prince Charles Hospital Foundation
I would like to congratulate Q Invest staff, clients, family and friends for the fantastic support of the ‘Kayak for a Cause’ event which was held on Friday 28th May. The challenge saw eight staff members kayak between 12 and 50 kilometres down the Brisbane River in order to raise money for The Prince Charles Hospital Foundation.
Staff members raised over $1,600 for the Foundation, which will go towards the BiVACOR project - developing the world’s first fully implantable and self-sustaining artificial heart.
Q Invest formed a partnership with The Prince Charles Hospital Foundation in November of last year, with the aim of providing $25,000 over five years to support the BiVACOR project, as well as additional fundraising support when possible.
Bill Danaher
General Manager, Q Invest