Most Australians use up their superannuation in retirement, contrary to claims that retirees underspend, according to the Association of Superannuation Funds of Australia (ASFA).
The association’s chief executive, Martin Fahy, said the majority of Australian retirees ran out of super well before the end of their lives and there was not a systemic problem with retirees underspending or bequeathing their super.
ASFA’s latest research found:
“The main challenge for the Australian superannuation system is to deliver higher superannuation balances at retirement,” Fahy said.
“The solution for ensuring adequacy of retirement incomes is moving the superannuation guarantee to 12%.”
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.