POWERED BY MOMENTUM MEDIA
Speedy CIPR introduction needed
The Actuaries Institute has urged policymakers to focus on the speedy introduction of a Comprehensive Income Products in Retirement (CIPR) framework to deliver greater income protection and security throughout their retirement.
In a pre-budget submission to the Federal Government, the institute said the Government should quickly establish a CIPR framework and remove any social security means testing and taxation policy settings that constrain CIPR product development and consumer take up.
"The introduction of CIPR-style products should deliver greater income security and protection throughout retirement," the submission said.
The submission also said it agreed with the Australian Prudential Regulation Authority (APRA) that the Government should pursue legacy product rationalisation more vigorously.
"…instilling greater public confidence in the life insurance sector to potentially boost demand for risk products with the consequent effect of reducing social service payments," it said.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
