Default pensions 'very logical' solution: BrogdenBY JAMES FERNYHOUGH | THURSDAY, 31 JUL 2014 12:10PMA MySuper-style default retirement product could be "a very logical" way to encourage retirees to take income streams rather than lump sums, according to Financial Services Council (FSC) chief executive John Brogden. Related News |
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The Financial Services Council is essentially the big end of town, and John Brogden as the CEO proposing that we have a default allocated pension of some description, simply is a cost measure by the large suppliers of product, to gain obviate the advice process that is essential for Australians to have stopped
It will be interesting for the government and opposition to support such a default process when they have just spent the last six months throwing rocks and bricks of each other over the whole issue of advice. Brogden seems to think advice even the smaller retirees is a waste of time.
An interesting proposition coming from the larger part of the product benefactor in group that control The Financial Services Council.
Just a complete nonsense of an idea.