Superannuation is complex and ever-changing. With impending reform, clients come to King & Wood Mallesons for our seamless cross-practice capability and the insight gained from advising all parties across retail, industry, government and corporate funds.
As the backbone of Australia’s retirement system, superannuation has evolved significantly to the point whereby the systems architecture is no longer able to support what will be a $6.1 trillion industry by 2035. In response, the ‘Cooper Review’ has released over 170 recommendations to improve the governance, efficiency, structure and operation of the Australian superannuation system. Although the full scope and timeframe for implementing reform is uncertain, it is clear that the Australian superannuation industry is facing a major regulatory shake-up.
At the forefront of change, King & Wood Mallesons has acted for a number of superannuation fund trustees in relation to implementing the Government's Better Super tax initiative. As a response to the global financial crisis, we provided extensive advice to many major fund managers arising out of funds being frozen. Across this advice, clients were able to take advantage of our holistic approach and our ability to provide expertise in all areas of law affecting superannuation (i.e. life insurance, tax, stamp duty; trusts, equity, family, regulatory, anti-discrimination and industrial).
With a rebound in M&A activity for financial services, King & Wood Mallesons has been involved in a number of significant transactions, including advising one of the largest fund management companies on rationalising their superannuation and life business, following acquisitions by the group. Across this advice, clients have benefited from our depth of resources, international reach and ability to draw together expertise across corporate M&A, funds, tax, capital markets, competition and more.