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
In 2016, CSRI carried out a comprehensive review of the retirement income system, building on the findings of the work of the Murray review, the Cooper Review and the Henry Review. This was a collaborative effort involving industry, consumers, government and academia. The aim was to develop long term policies to create adequate and sustainable retirement… Read More
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.
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