Lack of income stream drags local retirement system: ReportBY JAMIE WILLIAMSON | WEDNESDAY, 18 OCT 2023 12:47PMAustralia's retirement system has received a B+ grade in a study of nearly 50 nations, with the lack of a compulsory retirement income stream being what holds it back. Related News |
Editor's Choice
Mercer rolls out new corporate super plan
|Mercer Super has launched a new corporate superannuation plan for employers of all sizes called Mercer Business Super.
Australian Retirement Trust applies new investment exclusion
|The mega super fund has added to its list of exclusions, to come into effect from July 1.
Insignia FUM grows by $11bn, completes platform migration
|Insignia Financial has given a quarterly business update, seeing funds under management grow 3.9% to $312.3 billion.
Former Diverger managing director joins VBP
|David Carney is stepping back from managing Vital Business Partners (VBP), appointing Nathan Jacobsen to take over as chief executive.
Products
Featured Profile
Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
What a croc! How on earth would taking away members freedom to choose how they deal with 'THEIR' own money in retirement possibly be a positive for our super system! This bs report smacks of massive conflicts of interest and should be tossed in the bin! Such a change would only benefit greedy product providers and authoritarian governments/bureaucrats bent on controlling every aspect of peoples lives who like to think it's their money and not the members! In the famous words of Daryl John Kerrigan "tell em to get stuffed!"
Superannuants have already voted on this by placing the vast majority of pension funds in products since forever that allow them maximum income and capital flexibility. If compulsory pension products are the 'best' way then the public would choose them more often now from the many providers that offer them already! If we want a great super system then choice has to remain at the core of it. I would rate compulsory systems at the very bottom of any 'Super Index!'