POWERED BY MOMENTUM MEDIA
Retirees urge certainty around retirement income review
The Federal Government has been urged to ensure that its Review of the Retirement Income System does not needlessly impact the investment settings already put in place by Australian Retirees.
The Association of Independent Retirees (AIR) has welcomed the review announced by the Treasurer, Josh Frydenberg, but warned against causing uncertainty amongst those who had already retired.
“In conducting the review the association seeks certainty for those in retirement so they will not be adversely affected by any changes made to existing retirement income legislation,” AIR director, Terry O’Callaghan said.
He said that the association was particularly concerned that retirees who had set in place their retirement investments prior to their retirement, were not subjected to any changes to current legislation that would adversely impact on their retirement income.
“Changing the ‘goal posts’ on legislative arrangements for Australians who have already retired and are partly or fully self-funding their retirement, should not be an option for the Review,” O’Callaghan said.
He said the objective of the review needed to be to ensure that the Retirement Income System gave Australians, including self-funded retirees, adequate retirement incomes, and that the system was fiscally sustainable and provided appropriate incentives for self-provision in retirement – something which would be fully supported by the AIR.
“However retirees need certainty in planning for their retirement and AIR seeks an assurance from the Government that retirees will not be affected by any proposed changes that adversely impact on their retirement income,” O’Callaghan said.
Recommended for you
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
