Australia’s super funds need to be able to make more concrete promises about the income members are going to get in retirement. That they can’t represents a major shortcoming for an otherwise world-class retirement income system, writes Jeremy Cooper.
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.