Bring on compulsory annuities, says Deloitte partnerBY JAMES FERNYHOUGH | WEDNESDAY, 28 MAY 2014 12:40PMThe government should introduce compulsory deferred lifetime annuities as a way of insuring against longevity risk, Deloitte's lead superannuation advisory partner Russell Mason has said. Related News |
Editor's Choice
Former Income AM director launches fixed income advisory
A former Income Asset Management executive director has launched Ancora Fixed Income Advisory for high-net-worth clients targeting the defensive asset class.
TAL names super fund partnership lead
TAL has named a new partnership leader who will focus on its collaboration with a super fund, replacing Mel Jose, who left in August to join Netwealth after a two-year stint.
Capital Group expands into Middle East
Capital Group said the Middle East is a strategically important region for the business and its clients.
UniSuper says Firmus float was 'priced to perfection'
UniSuper chief investment officer John Pearce said the $175 billion super fund decided to not take part in the Firmus float, describing the neo-cloud company as "priced to perfection", before the initial public offering (IPO) was abandoned today.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Cliff Man
CHIEF EXECUTIVE OFFICER
ETF SHARES MANAGEMENT LTD
ETF SHARES MANAGEMENT LTD
ETF Shares chief executive Cliff Man spent his career automating, building and challenging established systems. Now, he is betting that Australia's ETF market has room for something different. Vinny Vucago writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
I am afraid of the 'dead hand' of compulsion in this argument about 'longevity risk'.
It flows off the tongue so easily. What could be better? says Mr Mason. This would take the risk out of everything for people when they reach old age.
Mr Mason suggests that George Osborne is just a politician looking to be re-elected. What nonsense!
Governments should never be in this area. It is so short sighted to hitch on to the Government teat. Imagine the bureaucracy that would grow like 'topsy' in order to administer things. Imagine also the fees that 'experts' in this field could graft from the government in the name of 'compliance & etc...'
The economist,Mr Maddock is correct!, 'Why stick your money into something that gives you 3% return, which you might get back when you are 85?'.