Pre-retirees are "crystal clear" about the purpose of superannuation, believing it should provide a steady income through retirement, research reveals.
Data from a survey conducted by National Seniors Australia and commissioned by Challenger, found more than 80 per cent of 50 to 64-year-olds believe their super should be a central income source for their retirement.
While the Government has considered setting out the objective of super, Challenger chairman, retirement income, Jeremy Cooper, said the survey showed there were few doubts about its purpose in the minds of those closest to drawing down on their super.
"For senior Australians the objective of superannuation is crystal clear," he said.
"It's about retirement income. It's critical for retirees to have a steady, dependable income from super to sustain their lifestyle in retirement."
The results reflect a similar finding from the National Seniors Australia's 2015 report, which found 80 per cent of pre-retirees believed that super should provide an income stream for retirement.
While the majority of those late in their working lives seek super as a source of income for retirement, many expect Government pensions and allowances to supplement their income from superannuation.
"This shows that older Australians understand that while super is the main game for retirement, the Age Pension can make up a meaningful proportion of retirement income," Cooper said.
"This can be comfort to many Australians, but it's there as a back-up, not a catch-all."
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.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.