The Australian Bureau of Statistics (ABS) has produced more data confirming the degree to which Australians are choosing to delay their retirements or to phase-down their working hours ahead of retirement.
The ABS this week produced the 2014—15 Multipurpose Household Survey (MPHS) for employed persons which served to confirm earlier data about Australians and their retirement intentions, including that those who intend to retire, 69 per cent are currently working full-time.
It said that, of these, 37 per cent intended to move into part-time work before retiring from the labour force, and 30 per cent intended to continue with full-time work until retiring.
It said that of the 887,100 persons who intended to continue with full-time work until retirement, 72 per cent intended to remain with their current employer and had no further plans to phase in retirement, while a further 12 per cent intended to remain with their current employer but with less demanding duties.
The data showed the average age at which persons intended to retire was 65.1 years (65.7 years for men and 64.5 years for women).
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.