ASFA Membership 2018 / 2019

Transcription

1 ASFA Membership 2018 / 2019

2 A message from our CEO Membership of ASFA affords access to timely, well informed and articulated policy and non-partisan strategic advice, so I encourage our members to actively engage with us in the year ahead and I thank you wholeheartedly for your ongoing support. There has never been a more important time for cohesion and collaboration in the superannuation sector. Challenges abound and it is only with determined loyalty to the ethos of superannuation as an undeniable public good, that together we can protect and enhance the system. Superannuation underwrites the health of the Australian economy, fosters innovation in investment products and strengthens future prosperity for fund members. In the year ahead, ASFA will continue to offer members up-to-date analysis of emerging government policy and key issues, cutting edge research and Best Practice Papers and comprehensive updates to help members stay on top of the very latest developments across the sector. Key work for ASFA will include: ensuring retirement income settings are sustainable, particularly for women; advocating for system stability and appropriate coverage for gig economy workers and the self-employed; responding to the Productivity Commission; preparing analysis and proposals on how to optimise post-retirement outcomes for members; and, encouraging adoption of the Insurance in Superannuation Voluntary Code of Practice. Community engagement is also a key priority in the year ahead and ASFA is reshaping its functions to ensure our outreach, whether through our membership or the media, is rigorous and effective. For the industry, there is an urgent need to stay abreast of the latest developments, not just in policy, but in technology, data and digital innovation. ASFA will continue to offer outstanding professional development and continuing education opportunities through our learning products and signature events, enabling members to build their networks and knowledge and enhance their credentials and skills. With a focus on high standards of probity and an unwavering commitment to shaping the best possible superannuation system, ASFA and our members can make a real difference and I look forward to your ongoing and enthusiastic engagement in the year ahead. Martin Fahy ASFA CEO

3 Who is ASFA? The Association of Superannuation Funds of Australia (ASFA) has been operating since 1962 and is the peak policy, research and advocacy body for Australia s superannuation industry. Our vision is to ensure all Australians are financially confident about their retirement. Our mission is to continuously improve the super system, so all Australians can enjoy a comfortable and dignified retirement. Our purpose is to help achieve the best retirement outcomes for members of super funds through the development of good public policy and industry best practice.

4 2018/2019 policy priorities ASFA s policy and research team continues to advocate for a long-term sustainable superannuation system. Speak to us about how you can contribute to our advocacy and have your voice heard in our policy and research work. The key policy projects and priorities for 2018/2019 are: tax/system settings adequacy of retirement savings, especially for women insurance settings and code of practice Productivity Commission review post-retirement policy settings Royal Commission gig economy and self-employed (system coverage) new dispute resolution framework APRA Powers technology advice.

5 Being part of ASFA ASFA membership is your opportunity to help ensure the super system remains effective, efficient and sustainable. It is an easy and convenient way for your organisation and key staff to stay informed about new developments via our expert policy team and also through your involvement in our policy councils, working groups and discussion groups. Through ASFA Events and ASFA Learning you ll enjoy continued professional development and opportunities to build connections and strengthen networks in this politically and economically crucial industry. With the support of the whole superannuation industry, ASFA will always advocate for legislative changes to ensure the best possible retirement outcomes for fund members. Being a member of ASFA is your chance to be involved, have your say and be heard. Have your say Speak to us about becoming a member of our State Executive s, Policy Working Groups, Discussion Groups or Emerging Leaders and add your voice to the debate.

6 Member benefits Representation Get involved and influence the superannuation debate with representation on our boards, panels and committees. Our advocacy work is essential to the long-term sustainability of super. Discussion groups and networking opportunities Members benefit from regular, opportunities for in-depth, current hot topic discussions at our free group events featuring high calibre industry experts. Policy and regulatory updates Our ASFA Actions and Thomson Greer Regulatory updates provide timely information on pending and approved regulatory and legislative changes, including in-depth analysis and distilled explanations of what the changes mean for each sector of the industry. Research and best practice Receive exclusive access to policy, research and ASFA Best Practice Papers. In 2017/2018 we lodged over 41 policy, technical and research papers that were used for advocacy and communication Discounts Receive significant discounts for your staff on our training courses, events, the renowned ASFA Conference and many third-party endorsed events.

7 Member benefits Superfunds magazine Your membership includes unlimited online subscriptions and complimentary print copies * of Superfunds magazine *Magazines will be sent to nominated staff and limits apply. Continuing Professional Development (CPD) Ensure the ongoing professional development of your staff through participation in our events, training courses, working groups, discussion groups and committees. We also offer discounted member rates for SuperCPD our online CPD solution to keep you up to date with the latest industry trends and developments while earning at least 20 CPD points per year. Log in anytime to check any CPD points earned. An annual statement will also be issued. Professional accreditation Members who are leaders in the superannuation industry are recognised by ASFA as Fellows and Associates. Highly skilled and experienced trustee directors are recognised as Trustee Fellows and Trustee Associates. This ASFA Trustee Director Accreditation provides validation for suitability to sit on superannuation boards. CEO and policy team presentations Our CEO and policy team are available to speak to your board and/or executive management team about current industry issues, activities and successes. Partnership opportunities ASFA membership gives your organisation access to a broad range of events, sponsorship and marketing opportunities to elevate your company s brand profile to the entire super industry.

8 Independent, user friendly information for Australians of all ages The Super Guru website This is an ASFA initiative to help consumers understand and maximise their super. Members can include a Super Guru link on their website as a helpful tool to assist their members and customers. See how you re tracking for retirement with our new Retirement Tracker tool Valuable resources Superfunds magazine ASFA s flagship magazine is the industry s premier member publication and provides in-depth analysis and insight into superannuation issues. ASFA members receive unlimited online subscriptions to Superfunds magazine. Read by superannuation trustees, CEOs, senior management and other industry professionals

9 Overview Manner of investment (funds Funds with more than four members with more than four members) Total assets No. of accts Dec quarter 2017 $ million Type of fund No. of funds ($billion) (June 17) Manner of investment $ billion Employer DB contributions 3,952 Corporate million Directly invested 611 SG contributions 15,412 Salary sacrifice 1,861 Industry million Placed with 887 Investment Managers Personal contributions 3,917 Public sector million Net rollovers to SMSFs 1,653 Invested in Life Office Retail million 136 Statutory Funds Lump sum benefits 8,262 Pensions 8,335 Funds with less than , million Total assets 1,634 5 members Contributions taxes 2,672 Source: APRA Statistics, Dec Earnings tax 2,555 Balance of statutory funds 57 Operating expenses 1,720 Total 2, million Net earnings 64,227 Source: APRA Statistics Dec quarter 2017 and APRA annual statistics for no. of accounts Net growth 67,843 Source: APRA Statistics Dec quarter Asset allocation (funds with more than four members) MySuper funds Asset class Amount ($billion) % Amount Aggregate contributions Characteristics % ($billion) ($b) Cash Cash 47 8 Employer 92.3 Australian fixed interest Australian fixed interest Member & other 55.8 International fixed interest International fixed interest 43 7 Total Australian listed shares Australian listed shares Source: APRA Annual Statistics, June 2017 Listed property 52 3 Listed property 14 2 Unlisted property 83 5 Unlisted property 43 7 International shares Funding of retirement, retirees International shares aged 45+ Infrastructure 81 5 Infrastructure 44 7 Income % Hedge funds 28 2 Hedge funds 0 0 Fully self funded 21 Unlisted equity 67 4 Unlisted equity 32 5 Partially self funded 27 Other 31 2 Other 19 3 Government pension 52 Total 1, only Source: APRA Dec quarter Source: APRA Dec quarter Source: ABS Cat , *Number of MySuper products: 111, 31 lifecycle. Mean balance and coverage ( ) Projected superannuation assets % with Consensus private Treasury 2008 Treasury 2010 Treasury 2010 forecasts Characteristics Age $ super Year sector forecast asset forecasts asset forecasts total assets % of GDP ($billion) ($billion) ($billion) and (% of ASX) Males , ,100-3,500 2,815 Females , ,500-5,000 3,830 3, % (73%) Males , ,075 Females , ,100-9,500 6,650 Males , ,500 8, % Females , Source: Assorted forecasts, Treasury RIM Group and Cooper Review. Source: ABS. Around 14.8 million Australians currently have a super account. Investment returns to 30 June 2017 Benefit structure (funds with more than four members) Period Fund Real returns Defined Accumulation Hybrid Total (% pa) returns Benefit vs AWE vs CPI Member accounts (000s) 26, ,484 1 year Assets ($b) 1, ,727 5 years Source: APRA Annual Statistics, June years years Persons receiving regular superannuation income years Account based Defined Benefit Term Annuity 25 years Number 1,027, ,000 61, years Average weekly income ($) Super fund returns 35 years published in the Source: ABS Sept 2017 issue 40 years of Superfunds 50 years magazine. FTSE RUSSELL INDEX RESEARCH - MARCH 2018 Data as at: 29 March 2018 The FTSE ASFA partnership is focused on providing Australian superannuation funds, fund managers and other stakeholders with industry standard after-tax benchmarks developed specifically to assist the transition to after-tax performance measurement and reporting. The FTSE ASFA Australia Index Series provides superannuation funds with a range of after-tax benchmarking options to make tax efficient investing a focus in every portfolio, whether it s optimising value from franking credits, participating in offmarket buy-backs, managing capital gains tax more efficiently or all three. Performance highlights The FTSE ASFA Australia 200 Index finished the month down 3.77 per cent Price returns contributed 0.62 per cent to the FTSE ASFA Australia 200 Index return financial year to date Pretax income return contributed 3.61 per cent to the index The index has realised 0.01 per cent of capital gains tax financial year to date, and is sitting on unrealised CGT liability of 2.39 per cent as at the end of March FTSE ASFA Australia 200 Index 5-year performance - price / total return (AUD) % % % Contact FTSE Russell to find 40 out about the 20 FTSE ASFA Australia Index 0 Series: info@ftserussell.com FTSE ASFA Australia 200 Index - Price Index FTSE ASFA Australia 200 Index - Superannuation* FTSE ASFA Australia 200 Index - Superannuation - Realised CGT-Adjusted* Attribution of FTSE ASFA Australia 200 Index - superannuation CGT by financial year % % % % % # % Price Return Income Return Franking Credits Contribution Off-Market Buy-Back (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGT-Adjusted Total Return Unrealised CGT / DTA at Financial Year End way Review Turnover way Forced Turnover * Superannuation indexes incorporate franking credits and the after-tax effects of off-market buy-backs in the dividend performance calculation. # Financial year to date 2017 London Stock Exchange Group companies. London Stock Exchange Group companies includes FTSE International Limited ( FTSE ), Frank Russell Company ( Russell ), MTS Ne xt Limited ( MTS ), and FTSE TMX Global Debt Capital Markets Inc ( FTSE TMX ). All rights reserved. FTSE, Russell, MTS, FTSE TMX and FTSE Russell and other service marks and trademark s related to the FTSE or Russell indexes are trade marks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for infor mation purposes only. Every effort is made to ensure that all information given in this 100) publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE ASFA Australia Index Series or the fitness or suitability of the Index for any particular purpose to which it might be put. T he London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. In clusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional Source: FTSE Russell Valuable resources Benchmarking and statistics The ASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in retirement. It has been revised in March 2018 to reflect new products and services used in retirement and changes in community living standards. The Retirement Standard provides a comprehensive budget for singles and couples and includes a tool to calculate the income needed for each level of retirement. ASFA Research and Resource Centre ASFA Retirement Standard Detailed budget breakdowns March quarter 2018 The Association of Superannuation Funds of Australia Superannuation Statistics April 2018 Super Statistics The latest quarterly industry figures including the number of funds and assets synthesised from APRA and ABS data into a one page, easy-to-read, downloadable fact sheet. A more precise way to measure after-tax performance: FTSE ASFA Australia Index FTSE ASFA Australia Index Series Benchmarking solutions to better align investment decisions with tax positions. Index Rebased (28 Mar 2013 = A more precise way to measure after-tax performance ASFA Equifax Data Benchmark December 2017 ASFA-Equifax Data Benchmark Helps the super industry improve data quality by benchmarking funds against their peers The Retirement Standard is accessed on our website up to 8,000 times each month

10 Professional development opportunities ASFA Events and ASFA Learning are continually evolving to ensure members are connected, informed and engaged with current and potential developments in super. Building on the expertise of ASFA s research and policy teams, our events and courses keep you up to date with super. ASFA s May 2018 Budget Luncheons were attended by more than 1450 people across 5 cities There were over 2,000 participants at the 2017 ASFA Conference

11 Events ASFA s world-class events program gives you access to high-calibre speakers from within and outside the industry. ASFA events for 2018/2019 will include: May Budget Luncheons These not to be missed annual events provide expert analysis on the implications of the Federal Budget on tax and expenditure settings for superannuation, investment markets and interest rates. ASFA Conference The ASFA Conference is a spectacular three-day internationally acclaimed event, where the super industry s leaders and decision makers come together to experience an exceptional content-rich program delivered by world-class speakers. Policy Roadshows ASFA s Policy Roadshows have been running for more than two decades. Designed to keep members better informed they offer in-depth insights directly from ASFA s expert policy team. State briefings ASFA state briefings focus on key themes relevant in each state, with a focus on identifying industry changes and opportunities, and what they mean for our members. Spotlight events A full day of robust discussion reflecting on what the system is delivering today and what needs to change, with a focus on current key issues.

12 Learning Get empowered with super smart learning ASFA Learning is a leading provider of superannuation courses and learning solutions. For more than 20 years, we have offered a range of qualifications, courses and compliance training for people at all stages of their careers including continuing professional development (CPD) options. A variety of delivery formats are available to suit different training needs including short e-learning modules, online flexible study and face-to-face workshops. Building on the expertise of ASFA s research and policy teams, our courses are developed by our in-house team to keep you up to date with the latest in superannuation. As a Registered Training Organisation (RTO National Provider Number 90755), our qualifications are fully accredited by the Australian Skills Quality Authority (ASQA) under the VET Quality Framework.

13 Learning Keeping your team motivated, informed and knowledgeable is your best safeguard for success. ASFA offers courses and support for all stages and levels of proficiency in superannuation. Understanding superannuation Covering the essentials Super Essentials An online course that gives a concise overview of the superannuation system. FNS40915 Certificate IV in Superannuation The industry s leading comprehensive introduction to super course and a nationally recognised qualification. Build industry competence Compliance courses and CPD RG 146 Superannuation Builds on industry knowledge and helps develop super specialists to enable them to give general super advice (as per ASIC s requirements). Personal Advice: Skills Program RG 146 knowledge and skills to give personal advice. RG 146 Revisited A refresher course in RG 146. SuperCPD FNS50615 Diploma of Financial Planning An online continuing professional development (CPD) solution. An online course delivered in partnership with RMIT to enhance financial planning knowledge. Advanced knowledge for industry leaders Governance and trustee courses Core Governance for Superannuation Offers a comprehensive overview of the governance framework and its core principles. Superannuation Governance Masterclass Investment Fiduciary Essentials Learn how to navigate and implement the new governance framework. Covers essential best-practice principles to enable fiduciaries to improve their investment decision-making skills. Customised learning Tailor-made training ASFA Learning can design training to suit your organisation s unique needs. We can create content and a delivery format to meet your goals. We are also able to incorporate organisation-specific examples into the training to make it a perfect fit for you. As a registered training organisation (RTO), ASFA is able to accredit customised training programs to award your staff nationally recognised qualifications. Customised training programs enable you to: target specific work challenges, projects and groups of staff adapt quickly and efficiently to changing market conditions train key staff in the areas of most value to your business issue staff with a nationally recognised qualification.

14 ASFA governance ASFA ensures it has effective governance by allowing all categories of ASFA members to have an opportunity to contribute. The ASFA Board and state executive committees have an election process and the Board now has an independent chair. ASFA Board Board Member Services Board ASP Services Board HR & Remuneration Board Finance & Risk Board Policy Education and Professional Accreditation Review Superfunds Editorial Conference Program Keynote Advisory Group NSW State Executive QLD State Executive SA State Executive VIC State Executive WA State Executive Discussion Groups NSW Emerging Leaders Discussion Groups QLD Emerging Leaders Discussion Groups VIC Emerging Leaders Discussion Groups Super System Design Policy Council Consumer & Industry Outcomes Policy Council Industry Efficiency Policy Council Economics & Investment Policy Council Legal & Regulatory Specialist Advisory Tax Specialist Advisory Issues Based Working Groups

15 The Association of Superannuation Funds of Australia Limited Level 11, 77 Castlereagh Street, Sydney NSW 2000 PO Box 1485, Sydney NSW 2001 T or (outside Sydney) E membership@superannuation.asn.au ABN ACN