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Super system the “opportunity of a lifetime”
The size of Australia’s superannuation system makes it the “opportunity of a lifetime” for super funds and life insurers able to offer a “ready for anything” approach, according to DST Systems.
With $2.7 trillion in assets, superannuation in Australia presents a huge opportunity to businesses that offer flexible post-retirement products and improve retirees’ life quality and expectancy.
A recent paper by DST found that only limited attention had been given to this area to date.
As the assets invested in superannuation grow by $100 million a day though, with both the retirement age and the size of mandated contributions set to progressively increase in coming years, providers offering such services have much to gain.
“All players in the super industry can materially and positively change the future, not just for businesses, but for their members and the country as well,” Sam Higgie, DST Systems director product manager said.
The technology, services and consulting company said that products and services would need to show a “ready for anything” flexibility to be successful.
“This type of flexibility will allow product complexities to be managed with innovation and collaboration, a 360-degree end-to-end member experience, with flexible options and extensive analytical capabilities,” DST said.
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Speaking to Super Review, the $70 billion fund has unveiled its new solution to address the ‘cognitive load’ of retirement as members enter their golden years.
New research has suggested it’s time to reconsider the home as a fourth pillar of the retirement income system, alongside the age pension, superannuation, and voluntary private savings.
New research has revealed over 60 per cent of retirees believe their super fund offers retirement income products suitable to support their retirement lifestyle.
Some retirees are “needlessly” paying two sets of fees and often more tax than they need to, according to the industry body.
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