POWERED BY MOMENTUM MEDIA
Retirement review questions asked by Alliance
Questions have been raised by the Alliance for the Fairer Retirement System that it feels should be addressed by the Review of the Retirement Income System.
The review was announced by Treasurer Josh Frydenberg last week and was the first major review of Australia’s superannuation system in 30 years. It will examine the interaction between the age pension, compulsory super and voluntary savings.
John Maroney, spokesperson for the Alliance, said the review would provide an ‘important opportunity’ to ensure the superannuation system continued to evolve in a positive way. However, it raised five questions which it felt needed to be addressed within the review.
The five questions were:
- How can the retirement income system ensure incentives are in place to encourage those who can save for an independent retirement to do so and avoid disincentives?
- What is an adequate level of retirement income commensurate with their pre-retirement standard of living that older Australians should seek to attain?
- What are the defined objectives of superannuation and the age pension and how should these two pillars work together to ensure intergenerational equity and the sustainability of the retirement income system?
- How can retirement income policy settings ensure the maximum degree of certainty for those planning for retirement over decades?
- Where are there gaps or issues that indicate a lack of fairness in terms of either horizontal (between people with similar circumstances) or vertical (between different generations) equity in the existing three-pillar retirement system?
It also praised the appointment of former Alliance spokesperson Dr Deborah Ralston, who was also chair of the SMSF Association, on her appointment to the review board.
The Alliance encouraged all Australians with an interest in promoting a fairer and sustainable retirement income system to respond to the Review’s discussion paper later this year.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
What is CSC and how does its investment strategy stand out?Commonwealth Superannuation Corporation (CSC) is a reti...
What were the key factors that influenced your fund's performance in 2024, and how did market conditions impact your inv...
APRA has announced eight proposals aimed at pushing entities, including super funds, to move beyond treating compliance with certain requirements as a mere box-ticking exercise.
The firm is offering Australians lower fees and improved transparency with its exclusively exchange-traded fund (ETF) portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.45 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
