Latest news with #AustralianRetirementTrust
Telegraph
11-05-2025
- Business
- Telegraph
Revealed: Where your airport parking cash really ends up
British holidaymakers are handing almost £1m a day to Australian pensioners and foreign investment firms as they battle extortionate airport parking charges, The Telegraph can reveal. Drivers paid £555m to park at Heathrow, Stansted, Manchester and East Midlands airports in 2024 – according to published annual accounts. As major investors, Australian pension funds alone made over £150m, which expert Mike Ambery said would flow into the pockets of retirees. The four airports received £1.5m a day from drivers over a 12-month period, with £856,000 of that earned by overseas shareholders in Europe, Canada, the Middle East, Australia and Asia. In its 2024 annual report, Heathrow confirmed car parking revenue of £185m for the calendar year. Drivers aren't charged for the first 30 minutes in long stay parking, but can expect to pay £9.40 for up to two hours, £46.80 for a full day and £37.40 for each additional 24 hours. Pre-booking is cheaper, but a week in Heathrow's park and ride car park can still cost £118. Parking closest to the terminal could set a driver back £256.40 over seven days. The airport is owned and run by Heathrow Airport Holdings, which in turn is owned by consortium FGP Topco Limited. This is led by private investment house Ardian – which holds 22.6pc – and contains investors from Qatar, Saudi Arabia, Singapore, Spain and Canada. Pension fund Australian Retirement Trust also owns 11.2pc, while the Universities Superannuation Scheme, with 2.1pc, is the only UK shareholder. Manchester, Stansted and East Midlands airports are owned by the Manchester Airports Group. According to its annual report, it raked in £370.3m in parking fees for 2023-2024. Drivers can pay up to £268 for four days at Stansted, but this can drop to £59.99 with pre-booking. Many services at Manchester and East Midlands are only available in advance. Manchester City Council and IFM Global Infrastructure Fund, owned by 15 Australian pension funds, both hold an equal 35.5pc share in the airports. This brings the total share held by Australian pension funds across all four airports to 29pc, yielding around £152m a year in car parking revenue, or £417,000 a day. Mr Ambery, of Standard Life, said there was a lot of successful foreign investment in UK private markets. He said: 'Hats off, Australians are making the right global investments and this is a good example of how they do it in the UK. 'Every time someone parks in a UK airport, or uses an M6 toll road or something like that, pensions are going up and that money is flowing through to an Australian retiree. 'We absolutely don't want to miss out on opportunities in the UK, but we shouldn't be envious. We need to be investing in the UK as well as overseas and I think we do take our opportunities, but it's a good example of the UK investment that the Government wants us to ramp up. 'This is the reason why we need to consolidate pension funds, because smaller funds can't go and make these kinds of investments at scale. Australian, Qatari and other overseas funds can and it's paying back really well.' Why are UK profits going overseas? Labour is currently working on plans to push pension funds to invest more in the UK and has not ruled out making it mandatory. When the idea first emerged, experts warned it would move providers into riskier investments and put pensions in jeopardy. However, it's understood that Rachel Reeves is ready to announce a voluntary code that will see the largest providers invest a minimum of 5pc of assets in private UK funds as she pursues economic growth. Paul Leandro, of Barnett Waddingham, said: 'Where the Australians have been smart is that they're early shareholders in asset managers. The advantage there is they're effectively scaling up their scale, pooling together to create an even larger fund that gives them deeper pockets and enables them to invest in even bigger projects. 'Government policymakers are probably looking at this and thinking 'Why are the profits from UK airports and infrastructure going overseas?' 'That's likely part of the motivation behind the Government's current push for UK pension funds to invest more money domestically.' Heathrow Airport also made £274m in concessions from retailers, £89m from catering and £95m from the Heathrow Express – although total revenue fell slightly from £3.7bn in 2023 to £3.6bn last year. Manchester Airports Group revenue increased from £1bn to £1.2bn during the same period. A Manchester Airports Group spokesman said: 'Revenue generated from parking, retail and other sources of income allows us to maintain and develop high-quality infrastructure, support affordable air travel and invest in local communities. 'IFM has shown a strong, long-term commitment to Manchester Airports Group, providing vital capital for major expansion projects that enhance the passenger experience, create local jobs and drive economic growth. 'While headquartered in Australia, its fund represents working people saving for retirement around the world – including millions here in the UK.'
AU Financial Review
01-05-2025
- Business
- AU Financial Review
Millions of Australians are invested in Trump (they don't know it)
Millions of Australians own a small portion of Donald Trump's business empire after the country's second-largest retirement fund bought a stake in the US president's Nasdaq-listed media arm ahead of his inauguration. Australian Retirement Trust has become the first major superannuation fund to disclose a holding in Trump Media & Technology Group – the parent company of Truth Social, the president's Twitter-like social media platform.
Yahoo
07-04-2025
- Business
- Yahoo
Super warning for 'lazy' Australians after $500,000 vanishes
Aussies are being urged to change their passwords and set up multi-factor authentication after some of the country's biggest superannuation funds were targeted in mass cyber attacks. A cyber security expert said the attacks highlighted the 'weak' security measures implemented by the industry, despite calls for super funds to strengthen their defences. Superannuation funds including AustralianSuper, Australian Retirement Trust, Hostplus, Rest and Insignia were targeted, with a handful of AustralianSuper members losing a combined $500,000 from their accounts. Hackers gained access to the accounts through 'credential stuffing', where stolen usernames and passwords - including those exposed in previous cyber attacks - are used. RMIT Centre for Cyber Security Research and Innovation director Matt Warren told Yahoo Finance superannuation was an easy target for hackers because some accounts did not require multi-factor authentication. RELATED Major superannuation cyber attack update after 'retirement funds stolen' in co-ordinated security breach Centrelink closures and payment changes to hit millions from next week over Easter and Anzac Day Mastercard's cashless overhaul revealed to prevent $1 billion Aussie issue 'This problem has been known for a while,' Warren said. Multi-factor authentication "significantly enhances cyber security" by requiring customers to input multiple forms of verification to access systems or accounts, such as a code generator or entering a texted code. In 2024, the Australian Financial Services Council released a security standard for its superannuation members to make multi-factor authentication systems compulsory. It also suggested alternatives like biometrics and one-time passwords.'The problem is superannuation funds were given two years to implement it, so the end date was in 2026,' Warren said. 'Some companies are still in transition and it's unfortunate timing. If this had happened next year, for instance, it might not have had the same impact. 'The only positive that will come out of this is it will actually speed up companies if they haven't to implement multi-factor authentication.' AustralianSuper, the country's biggest super fund, does not have multi-factor authentication. Instead, the super fund requires two-factor authentication for key interactions that members have with their accounts, such as registering for an online account or resetting passwords. Warren noted super funds were permitted to opt out of multi-factor authentication in cases where the use was 'unduly onerous' on the customer, which he described as a 'very bad move'. 'The problem is people don't want to spend an extra 10, 20 seconds to log in to something because they have to use an app,' he said. "People tend to be a little bit lazy at times and think I just want the convenience and they opt out of multi-factor authentication." Norton managing director APAC Mark Gorrie told Yahoo Finance super accounts were 'prime targets' for cybercriminals because they often held substantial amounts and weren't regularly checked. 'Once they gain access, they can change contact details, redirect communications, and initiate fraudulent withdrawals before the account holder even realises something is wrong,' Gorrie said. 'Given how infrequently many people check their super, these attacks can go unnoticed for weeks or even months.' The first thing is to change your password. "That's the number one thing if people are concerned that they should do," Warren said. 'The data that is on the dark net is people's current passwords. As soon as you change it that data has lost any value." Gorrie recommended creating a 'strong, unique' password and noted that reusing passwords increased the risk of credential compromise. After you do this, you can look at setting up more advanced multi-factor authentication. 'Enabling multi-factor authentication adds an extra layer of security, making it harder for cybercriminals to gain access,' Gorrie said. Warren said multi-factor or biometrics could be worth considering if you were using your mobile phone. Along with adopting stronger multi-factor authentication for all customers, Warren said super funds needed to raise awareness amongst older Australians as they are vulnerable from an e-safety perspective. "They are very vulnerable and they've got access to a lot of financial wealth through their bank accounts, through their superannuation," he said. Aussies have been told to remain vigilant to scams over the coming days, with the possibility of 'spray and pray' phishing attacks over SMS and email. Gorrie said people should stay alert to unexpected messages from their super fund, especially emails or texts about account changes they didn't make. 'If something seems off, it's always best to contact the fund directly rather than clicking on any links,' Gorrie said. 'Be particularly vigilant now as scammers will use the fear and uncertainty from the recent hacking reports to target people seeking help.' He also recommended people check their super balance and account details regularly, and monitor for any unusual in to access your portfolio
Yahoo
05-04-2025
- Yahoo
‘Crucial' warning after mass super attack
More mass-scale cyber attacks could be launched in the coming days after hackers ripped hundreds of thousands of dollars from Australian superannuation accounts, a security expert warns. A second cyber expert said an attack on Australian superannuation funds was 'inevitable, some would say overdue', as funds and the government scramble to find the exploited loopholes and count the cost. On Friday, news broke that at least five super funds had been attacked during the previous weekend. The funds were not transparent in exactly how many people were affected, but at least 10,000 accounts were compromised in various ways. The attacks are more accurately described as fraud than a cyber attack; the criminals were 'credential stuffing', where stolen usernames and passwords are used. Most of these were accounts with Rest, which saw 8000 accounts breached, but the fund said nobody lost money. Four AustralianSuper customers lost a combined $500,000. Australian Retirement Trust, Hostplus and Insignia are the other three funds which were hit. Customers trying to get into their accounts were seeing $0 balances on Friday as call centres were inundated. Cyber security and computer science experts are warning the vulnerabilities were foreseen and criminals would now take advantage. University of Sydney senior computer science lecturer, Suranga Seneviratne, said hackers would use the induced sense of panic to attack again. 'While we wait for more details on how this attack occurred and its full impact, it's crucial that all Australians remain vigilant over the next few days,' she said. 'This could lead to further mass-scale 'spray and pray' phishing attacks over SMS and email, targeting super fund members who may be in panic and seeking more information.' 'With heightened anxiety around superannuation balances due to Trump's tariff announcement, opportunistic scammers may try to take advantage of the situation,' Dr Seneviratne said. 'Remember, scammers often strike during times of confusion, vulnerability, or misunderstanding. Avoid making hasty decisions, and always double-check any communication from your fund to ensure it's legitimate.' Edith Cowan University cyber security professor, Paul Haskell-Dowland, said Australia had weak defences. 'An attack on Australian superannuation was always inevitable, some would say overdue. 'Australia is seen as an easy target by global cyber-criminal gangs, with superannuation funds clearly in the crosshairs due to high value funds. 'While information is sparse at present, there are reports that stolen credentials may have been used – reinforcing that some Australian super funds lack the necessary security to adequately protect their sizeable assets.' People should not click links in emails and SMS messages, but instead go to their fund's website and login, Professor Haskell-Dowland said. 'Providers will be reviewing security protocols - this is a clear warning shot that cybersecurity needs to be taken more seriously.' On Friday, the affected funds gave details about the attacks. Australian Retirement Trust said it caught unusual login activity, accounts were locked and no 'suspicious transactions or modifications' have been made. However, the company did not say how many accounts were targeted. AustralianSuper saw 600 passwords stolen; four customers lost a combined $500,000. Hostplus was not forthcoming with the number of affected customers, but said no money had been lost. Insignia detected suspicious login attempts on 100 accounts with no funds taken. Rest appears to have be targeted most forcefully. The company says 8000 accounts were subject to unauthorised access attempts, but no money was taken. Sign in to access your portfolio
Dubai Eye
04-04-2025
- Business
- Dubai Eye
Hackers compromise 20k Australian pension funds in cyber attacks
Hackers targeting Australia's major pension funds in a series of coordinated attacks have stolen savings from some members at the biggest fund and compromised more than 20,000 accounts in A$4.2 trillion (AED 10.3 trillion) retirement savings sector. National Cyber Security Coordinator Michelle McGuinness said in a statement she was aware of "cyber criminals" targeting accounts and was organising a response across the government, regulators and industry. It was still unclear how many pension funds and members were affected. AustralianSuper, the country's largest fund managing A$365 billion (AED 893 trillion) for 3.5 million members, confirmed that up to 600 member passwords had been stolen to access accounts and commit fraud. "We took immediate action to lock these accounts and let those members know," AustralianSuper's Chief Member Officer Rose Kerlin said, urging all members to check their online balances. Four AustralianSuper members had a combined A$500,000 (AED 1.2 million) drained from their balances and transferred to other accounts that did not belong to them, according to the source, who was not authorised to speak publicly about the matter. AustralianSuper did not respond immediately to a request for comment. Australian Retirement Trust, the second-largest fund managing A$300 billion (AED 688 billion) for 2.4 million members, said it had detected "unusual login activity" affecting "several hundreds" of accounts. It locked impacted accounts as a precaution, though there were no suspicious transactions or changes made. Rest Super, the default industry pension fund for retail workers, with A$93 billion (AED 213 billion) of assets under management, said it suffered an attack that impacted around 20,000 accounts, or around one per cent of its two million members. "Over the weekend of March 29-30, 2025, Rest became aware of some unauthorised activity on our online Member Access portal," Rest CEO Vicki Doyle said. "We responded immediately by shutting down the Member Access portal, undertaking investigations and launching our cyber security incident response protocols." Insignia Financial, which manages A$327 billion (AED 750 trillion), said a "malicious third-party" attempted to access online pension accounts on its Insignia Financial Expand platform. There had been no financial impact at this stage to members, an Insignia spokesperson said. Hostplus, which has more than 1.8 million members and A$115 billion (AED 264 billion) under management, also confirmed it suffered an attack. A spokesperson said no member losses had occurred but that it was still investigating the extent of the incident. Prime Minister Anthony Albanese said he had been briefed about the hacks and said there would be a "considered" response from government agencies in time. He added that such attacks were a "regular issue" in Australia, with one occurring every six minutes. Australia's largest not-for-profit hospital and aged care provider St Vincent's Health, private health insurer Medibank and telecom Optus have all suffered major breaches. The government in 2023 committed A$587 million (AED 1.3 billion) to fund a seven-year strategy to improve the cybersecurity of citizens, businesses and agencies.
