Retired Australians want financial security and peace of mind, but are worried about gambling their life savings on share market-dominated superannuation, research from National Seniors Australia’s new study shows.
It points to a failure of the superannuation system to help retirees safely convert their savings into reliable income that lasts a life time.
Professor John McCallum, National Seniors chief executive officer, said the study revealed the conflict experienced by many retirees who felt they had little option, but to continue ‘gamble’ in the share market, despite a low tolerance for risk.
“When members reach retirement, the risk of managing their superannuation savings shifts from the super fund trustee to the retiree who may have little experience with this,” McCallum said.
“It is both a clear opportunity and a responsibility for the superannuation sector and government to reset the regulatory and product focus of superannuation to better meet the needs of Australian retirees.”
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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