If Australians are not to live unnecessarily frugally in retirement and the government is to reduce dependence of retirees on the public purse, upcoming decisions on the means testing of longevity products will be critical, writes Patricia Pascuzzo.
Originally published in the Australian Financial Review on 28 April 2015. It was a quarter of a century ago that Australia led the world in setting up compulsory superannuation. Now, with population ageing, lifespans increasing, public finances stretched and the risk of people outliving their savings growing, the system needs to evolve in response to changing circumstances, writes CSRI… Read More
Originally published in the Australian Financial Review on 26 May, 2015. “Two decades of tweaking have created a complex retirement savings system that has strayed far from its originally designed purpose of providing for incomes in retirement”, writes CSRI executive director Patricia Pascuzzo. The changes announced in the 2015/16 federal budget demonstrate the limitations of… Read More