Superannuation

Financial Services

Financial Services » Superannuation

The dynamic nature of the Australian superannuation industry's reform agenda means industry players have regular challenges in managing the rapid pace of reform and in understanding the impact of those reforms. Being successful requires comprehensive, up-to-the-minute and expert advice, as well as an acute understanding of the various industry stakeholders, including peak industry associations, regulators, financial services providers and the Government.

The Corrs' superannuation team helps clients explore their risks, obligations and opportunities, and works with the industry itself to help shape industry developments in key areas such as taxation, Stronger Super and the Future of Financial Advice reforms.

The Corrs superannuation team sits at the forefront of global trends, with pension and investment funds in other jurisdictions and participation at the highest levels of international debate surrounding financial services reform.

Our Experts

Christine Maher.jpg

Christine Maher

Consultant Location Brisbane Profile
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Joanne Dwyer

Special Counsel Location Brisbane Profile
Mellos Kon CMYK 90x130

Kon Mellos

Partner Location Melbourne Profile
Michael Chaaya.jpg

Michael Chaaya

Partner Location Sydney Profile

Our Experience

Asset Super merges with CareSuper

The superannuation industry continues to show a great deal of merger activity. Following the trend of industry consolidation, Corrs is advising Asset Super on its merger with CareSuper.

Once merged, the two funds expect to have more than 260,000 members throughout Australia and more than $6.5 billion in funds under management. The merger followed an extensive due diligence on each fund. 

More

ESI Super / SPEC Super merger

ESI Super is a superannuation fund for employees of energy industry participants in generators, distributors and retailers, with 21,000 members and $2.8 billion in assets.

SPEC Super’s membership focus is the electrical contracting industry in Queensland. Corrs was engaged at the early stages of consideration of a merger proposal with SPEC Super, to advise the project steering committee on issues for assessing the feasibility of the proposal and strategies for managing any perceived impediments. Once the proposal was approved in principle, Corrs advised ESI Super on the implementation.

The work required a deep understanding of the superannuation industry, and broad experience in the legal and operational issues involved in superannuation fund mergers.

The merged fund will have $3.6 billion in assets, and be one of the largest energy industry funds in Australia.

More

Our Thinking

ASIC enforces superannuation entities’ section 29QB disclosure obligations

ASIC has intervened in relation to 21 superannuation trustees over potential breaches of section 29QB, which requires superannuation funds to disclose Transparency Information on their websites and keep it up to date at all times.

More

Income stream products set for innovative changes as further tax concessions are considered

Will new regulations open a whole new world of opportunity for superannuation funds and life insurance companies? By incentivising providers to offer these products, the draft Regulations aim to remove barriers to innovation in retirement income stre

More

Regulatory reform encourages digital disclosure in financial services

Newly made legislative instruments have made digital disclosure in financial services a viable alternative to traditional methods.

More Download

From Down Under - The Inverted Bid Model - New procurement bidding models for infrastructure projects

The Inverted Bid Model is specifically designed to support long term equity investors (such as superannuation funds) investing in infrastructure projects.

More

Product disclosure isn’t working: Financial System Inquiry must make financial literacy the priority

The FSI’s call for a new approach to regulating financial products is welcome but it misses the core problem of financial literacy.

More

FSI panel recognises the potential of impact investment

The Financial Services Inquiry panel has thrown its support behind the fledgling impact investment industry in Australia.

More

Free trade agreements trigger financial services opportunities for Australia

Australia’s new trade agreements with Japan and Korea will also boost financial services and infrastructure investment in Australia.

More

Coalition government re-ignites superannuation governance debate

The government’s new discussion paper threatens more reform of the superannuation industry. But is now the right time?

More

A new Government sets a new agenda for superannuation - The Super System Review’s unfinished business

The Federal Government has today released a discussion paper entitled Better regulation and governance, enhanced transparency and improved competition in superannuation.

More

Federal Court considers the scope of carriers’ access and installation powers contained in the Telecommunucations Act

On 16 May 2013, Justice Tracey, in the Federal Court, handed down his decision in Pipe Networks Pty Ltd v Commonwealth Superannuation Corporation, a case relating to the construction of Schedules 1 and 3 of the Telecommunications Act 1997.

More Download

ASIC consults on the quality of advice for SMSFS

On 16 September 2013, ASIC released Consultation Paper 216 Advice on self-managed superannuation funds: Specific disclosure requirements and SMSF costs.

More

APRA finalises eight prudential practice guides for superannuation

APRA has finalised eight prudential practice guides for APRA-regulated superannuation funds.

More Download

Final bills to implement Stronger Super reforms pass the Senate

Four Bills relating to the Government’s Stronger Super reforms were passed by the Senate on 24 June 2013 and now await Royal Assent.

More

Withdrawals for excess concessional super contributions - Bills introduced

On 19 June 2013, the Government introduced into Parliament the Tax Laws Amendment Bill 2013 and the Superannuation Bill 2013.

More

Second set of draft prudential practice guides released for superannuation

On 9 May 2013, APRA released for consultation a second set of draft prudential practice guides (PPGs) for superannuation.

More Download

Draft regulations released for MySuper and governance measures

On 30 April, government released exposure draft Superannuation Legislation Amended (MySuper Measures) Regulation 2013, prescribing details supporting measures contained in the 4 trances of the Stronger Super Legislation.

More

Taxation relief to ensure members mandatorily transferred to a MySuper product are not adversely affected

The Government announced income tax relief to superannuation funds where the mandatory transfer of default members' account balances to MySuper product in another superannuation fund to ensure no adverse affect.

More

ASIC consults on relief to superannuation funds providing retirement estimates

ASIC has recently released Consultation Paper 203, outlining proposed reforms to its policy on superannuation funds. As part of the reforms, funds will be able to include the age pension in a retirement estimate.

More

Putting out the welcome mat to foreign pension and sovereign wealth funds - MIT withholding tax changes

Foreign pension funds and sovereign wealth funds investing in Australian managed trusts will soon have access to the 15% concessional tax rate.

More

Treasury releases exposure draft for the repeal of member protection standards

Treasury has released for public consultation an exposure draft of proposed amendments to repeal the member protection standards within the Superannuation Industry Regulations 1994.

More

Managed funds in the Asian Century - A real opportunity for Australia?

Australia may have missed the opportunity to become the Asia Pacific financial services hub, but not the beacon of best practice.

More

Islamic finance in Australia Part 3 - What’s stopping Islamic finance flourishing down under and what must be done

Apathy and a lack of understanding are stopping Australia rising to become an important Islamic finance hub in Asia Pacific.

More

Islamic finance in Australia Part 2 - Islamic finance opportunities Down Under

This is the second instalment in a series of articles looking at Islamic finance as an emerging opportunity on the Australian financial services landscape.

More

Third tranche of Stronger Super introduced into Parliament

The Government has introduced the Superannuation Legislation Amendment Bill 2012 into the House of Representatives.

More

Islamic finance in Australia Part 1 - Introducing Islamic finance

This paper introduces Islamic finance and the key structures and concepts on which it is established.

More

The future of financial advice (FOFA) reforms

The Future of Financial Advice (FOFA) reforms focus on the framework for the proper provision of financial advice.

More Download

MySuper authorisation and the transition to MySuper

On 3 May 2012 the Australian Prudential Regulation Authority (APRA) released its consultation package regarding MySuper authorisation.

More Download

Tranche 3 of Stronger Super reforms

The Government has released the draft legislation and explanatory memorandum for the third tranche of its Stronger Super reforms contained in the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012.

More Download

Greater clarity around APRA’s Prudential Standards for Superannuation

Following the release of a Discussion Paper on APRA’s proposed approach to implementation of the prudential standards on 28 September 2011, APRA invited comments on its proposals.

More Download

Unlocking UK pension funds for infrastructure

Can the UK create a new asset class that encourages trustees to invest in crucial infrastructure projects?

More

Lifting the bar for trustee governance in super

The Cooper Review’s suggestion to introduce a new office of trustee director sounds great in theory, but will it make any practical difference to trustee governance?

More

Our Experience

Asset Super merges with CareSuper

The superannuation industry continues to show a great deal of merger activity. Following the trend of industry consolidation, Corrs is advising Asset Super on its merger with CareSuper.

Once merged, the two funds expect to have more than 260,000 members throughout Australia and more than $6.5 billion in funds under management. The merger followed an extensive due diligence on each fund. 

ESI Super / SPEC Super merger

ESI Super is a superannuation fund for employees of energy industry participants in generators, distributors and retailers, with 21,000 members and $2.8 billion in assets.

SPEC Super’s membership focus is the electrical contracting industry in Queensland. Corrs was engaged at the early stages of consideration of a merger proposal with SPEC Super, to advise the project steering committee on issues for assessing the feasibility of the proposal and strategies for managing any perceived impediments. Once the proposal was approved in principle, Corrs advised ESI Super on the implementation.

The work required a deep understanding of the superannuation industry, and broad experience in the legal and operational issues involved in superannuation fund mergers.

The merged fund will have $3.6 billion in assets, and be one of the largest energy industry funds in Australia.

Our Thinking

ASIC enforces superannuation entities’ section 29QB disclosure obligations

ASIC has intervened in relation to 21 superannuation trustees over potential breaches of section 29QB, which requires superannuation funds to disclose Transparency Information on their websites and keep it up to date at all times.

Income stream products set for innovative changes as further tax concessions are considered

Will new regulations open a whole new world of opportunity for superannuation funds and life insurance companies? By incentivising providers to offer these products, the draft Regulations aim to remove barriers to innovation in retirement income stre

Regulatory reform encourages digital disclosure in financial services

Newly made legislative instruments have made digital disclosure in financial services a viable alternative to traditional methods.

From Down Under - The Inverted Bid Model - New procurement bidding models for infrastructure projects

The Inverted Bid Model is specifically designed to support long term equity investors (such as superannuation funds) investing in infrastructure projects.

Product disclosure isn’t working: Financial System Inquiry must make financial literacy the priority

The FSI’s call for a new approach to regulating financial products is welcome but it misses the core problem of financial literacy.

FSI panel recognises the potential of impact investment

The Financial Services Inquiry panel has thrown its support behind the fledgling impact investment industry in Australia.

Free trade agreements trigger financial services opportunities for Australia

Australia’s new trade agreements with Japan and Korea will also boost financial services and infrastructure investment in Australia.

Coalition government re-ignites superannuation governance debate

The government’s new discussion paper threatens more reform of the superannuation industry. But is now the right time?

A new Government sets a new agenda for superannuation - The Super System Review’s unfinished business

The Federal Government has today released a discussion paper entitled Better regulation and governance, enhanced transparency and improved competition in superannuation.

Federal Court considers the scope of carriers’ access and installation powers contained in the Telecommunucations Act

On 16 May 2013, Justice Tracey, in the Federal Court, handed down his decision in Pipe Networks Pty Ltd v Commonwealth Superannuation Corporation, a case relating to the construction of Schedules 1 and 3 of the Telecommunications Act 1997.

ASIC consults on the quality of advice for SMSFS

On 16 September 2013, ASIC released Consultation Paper 216 Advice on self-managed superannuation funds: Specific disclosure requirements and SMSF costs.

APRA finalises eight prudential practice guides for superannuation

APRA has finalised eight prudential practice guides for APRA-regulated superannuation funds.

Final bills to implement Stronger Super reforms pass the Senate

Four Bills relating to the Government’s Stronger Super reforms were passed by the Senate on 24 June 2013 and now await Royal Assent.

Withdrawals for excess concessional super contributions - Bills introduced

On 19 June 2013, the Government introduced into Parliament the Tax Laws Amendment Bill 2013 and the Superannuation Bill 2013.

Second set of draft prudential practice guides released for superannuation

On 9 May 2013, APRA released for consultation a second set of draft prudential practice guides (PPGs) for superannuation.

Draft regulations released for MySuper and governance measures

On 30 April, government released exposure draft Superannuation Legislation Amended (MySuper Measures) Regulation 2013, prescribing details supporting measures contained in the 4 trances of the Stronger Super Legislation.

Taxation relief to ensure members mandatorily transferred to a MySuper product are not adversely affected

The Government announced income tax relief to superannuation funds where the mandatory transfer of default members' account balances to MySuper product in another superannuation fund to ensure no adverse affect.

ASIC consults on relief to superannuation funds providing retirement estimates

ASIC has recently released Consultation Paper 203, outlining proposed reforms to its policy on superannuation funds. As part of the reforms, funds will be able to include the age pension in a retirement estimate.

Putting out the welcome mat to foreign pension and sovereign wealth funds - MIT withholding tax changes

Foreign pension funds and sovereign wealth funds investing in Australian managed trusts will soon have access to the 15% concessional tax rate.

Treasury releases exposure draft for the repeal of member protection standards

Treasury has released for public consultation an exposure draft of proposed amendments to repeal the member protection standards within the Superannuation Industry Regulations 1994.

Managed funds in the Asian Century - A real opportunity for Australia?

Australia may have missed the opportunity to become the Asia Pacific financial services hub, but not the beacon of best practice.

Islamic finance in Australia Part 3 - What’s stopping Islamic finance flourishing down under and what must be done

Apathy and a lack of understanding are stopping Australia rising to become an important Islamic finance hub in Asia Pacific.

Islamic finance in Australia Part 2 - Islamic finance opportunities Down Under

This is the second instalment in a series of articles looking at Islamic finance as an emerging opportunity on the Australian financial services landscape.

Third tranche of Stronger Super introduced into Parliament

The Government has introduced the Superannuation Legislation Amendment Bill 2012 into the House of Representatives.

Islamic finance in Australia Part 1 - Introducing Islamic finance

This paper introduces Islamic finance and the key structures and concepts on which it is established.

The future of financial advice (FOFA) reforms

The Future of Financial Advice (FOFA) reforms focus on the framework for the proper provision of financial advice.

MySuper authorisation and the transition to MySuper

On 3 May 2012 the Australian Prudential Regulation Authority (APRA) released its consultation package regarding MySuper authorisation.

Tranche 3 of Stronger Super reforms

The Government has released the draft legislation and explanatory memorandum for the third tranche of its Stronger Super reforms contained in the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012.

Greater clarity around APRA’s Prudential Standards for Superannuation

Following the release of a Discussion Paper on APRA’s proposed approach to implementation of the prudential standards on 28 September 2011, APRA invited comments on its proposals.

Unlocking UK pension funds for infrastructure

Can the UK create a new asset class that encourages trustees to invest in crucial infrastructure projects?

Lifting the bar for trustee governance in super

The Cooper Review’s suggestion to introduce a new office of trustee director sounds great in theory, but will it make any practical difference to trustee governance?

Our Experts

Christine Maher.jpg

Christine Maher

Consultant Brisbane +61 7 3228 9413
DWYERJoannewebsitegreySIZEDTH.jpg

Joanne Dwyer

Special Counsel Brisbane +61 7 3228 9375
Mellos Kon CMYK 90x130

Kon Mellos

Partner Melbourne +61 3 9672 3174
Michael Chaaya.jpg

Michael Chaaya

Partner Sydney +61 2 9210 6627