POWERED BY MOMENTUM MEDIA
Extend comfortable retirement factors – KPMG
Home ownership and aged care considerations need to be taken into account in assessing what represents a comfortable retirement in Australia, according to major consulting firm, KPMG.
In its submission to the Treasury on defining the purpose of superannuation, KPMG has pointed for a focus on retirement income outcomes and their inter-relationship with the Age Pension.
In doing so, the submission said that there was a need to look beyond the current Association of Superannuation Funds of Australia (ASFA) retirement income adequacy standard and its focus on single and couple units, to one which encompasses broader issues such as home ownership and age care cost considerations.
"If the objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension; then it follows that to achieve this goal the drivers of superannuation balances sufficient to generate adequate income must be addressed," it said.
The submission said this required consideration of measures to boost to boost the contributions of those who due to their circumstances have insufficient retirement incomes," it said.
The KPMG submission then went on to recommend specific measures relating to women and low income earners including the implementation limited exemptions from concessional and non-concessional capping arrangements to allow them to boost their contributions to compensate for broken employment patterns and changed family circumstances including divorce and financial separation.
Recommended for you
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
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
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
