A word from our CEO - Super Informed November 2020
Well, 2020 has been one of the most tumultuous years on record. Without doubt, it’s been a tough year for everyone, but COVID-19 has presented immense challenges for those in higher education - I can’t overstate its impact on the sector. There’s been a lot of pain and this has affected many of our members. Despite the upheaval, I’ve been incredibly pleased with how UniSuper employees have been able to support our members through the turbulence, while working mostly remotely for so long now.
Some great news: in October, UniSuper added a couple more industry awards to our bulging trophy cabinet - Super Review’s Best MySuper award, and SuperRatings MySuper of the year award. While winning awards isn’t one of our key objectives, it does make me proud when our many strengths are recognised by a range of independent rating agencies.
Budget wrap up
In October, as part of the Federal Budget, the Treasurer announced the following key proposals that, if legislated, could have material impacts on Australia’s superannuation policies and the super industry:
- YourSuper - a new online tool for comparing super funds
- An annual performance test for super funds
- To prevent the creation of multiple super accounts for individuals, unless they choose otherwise, individuals changing jobs would remain in their then current super fund and not have a new super account set up for them by their new employer.
The Treasurer also announced changes to increase the transparency and accountability of super funds to act in the best financial interests of members and disclose information about how they manage members’ money. We’ll keep you informed of changes upon the passage of relevant legislation.
Despite the significant challenges of COVID-19, I’m pleased that over 2019/20 financial year our Balanced investment option provided a positive return to the many members invested in it. And our Defined Benefit Division continues to remain in a healthy financial position. And as I write this note, investment markets have performed well since 30 June 2020.
You can read more about investment matters in ‘The US election and investment markets’ with our Chief Investment Officer John Pearce.
Onwards to 2021
As we head into the festive season and onto 2021, I encourage you to ensure you take care of yourselves. This pandemic has caused some people to delay seeking important and even life-saving medical assistance. If you’re feeling unwell, please don’t put off going to the doctor. Now, more than ever, we need to be vigilant about our health and wellbeing so we’re ready to tackle everything that 2021 throws at us.
Thank you for your continued support and I wish you all the best for the New Year.
All the best,