The government’s proposed superannuation performance test would be detrimental to the super system and is not in the best interests of members, according to Chant West.
“Should a trustee be unable to adequately demonstrate that members’ best interests are being prioritised in its decision-making, or it appears that a trustee may have failed to meet its obligations under RSE [Responsible Superannuation Entity] licensee law, APRA is prepared to take a range of actions to safeguard members.”
Bragg said Martime Super was a “shell company” for the benefit of the Construction, Forestry, Maritime, Mining and Energy Union (CFMEU).
“The idea of mergers is to create economies of scale and to reduce costs but also to remove persistent poor performers like Maritime Super,” he said.
“It seems inappropriate for poor-performing super funds to be put onto life support via a quasi-merger.”
Jarden Brief: Elon Musk adds US$25 billion to his wealth as Tesla shares soar
11 Mar, 2021 07:17 PM
8 minutes to read
Tesla founder and chief executive Elon Musk made another US25 billion as Tesla shares soared yesterday. Photo / Supplied
Tesla founder and chief executive Elon Musk made another US25 billion as Tesla shares soared yesterday. Photo / Supplied
NZ Herald
Jarden
New Zealand
Yesterday s session was fairly flat with both the NZX50 and NZX10 recovering 0.2 per cent.
The top performing sectors were property companies, up 1 per cent and consumer cyclicals up 0.8 per cent. Energy and financials were the worst performing sectors of the day, down 3.6 and 1.2 per cent respectively.
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