Financial Services Minister Kelly O’Dwyer outlined the progress the Government is making in encouraging trustees to assist their members by designing and offering appropriate retirement income solutions. “Clearly, the retirement phase needs some work,” Ms O’Dwyer told a Financial Services Council forum in Sydney. “Our system is not managing the most fundamental risk in retirement:… Read More
The battle over the future of Australia’s superannuation system is being fought on the same old ground of accumulation, leaving the real issue unattended – the welfare of millions of people entering retirement, writes Patricia Pascuzzo.
By Patricia Pascuzzo The government’s proposed My Super “outcomes test” for superannuation trustees running default accumulation funds is significant. It could finally provide the means to nudge trustees toward developing effective comprehensive income products for retirees (CIPRs). Until now, criticism of Treasury’s proposals for CIPRs has risked overshadowing the ends of long-term policy reform with argument over means. But the move to improve superannuation governance to… Read More