There is growing support within the superannuation industry for the implementation of a default post-retirement product.
A survey conducted by Super Review at last November's Association of Superannuation Funds of Australia (ASFA) Conference in Brisbane has revealed rising levels of support for a so-called "MyPension" product would be mandated in similar terms to MySuper.
Delegates to the ASFA Conference were asked whether, given the increased focus on post-retirement, they believed the Government should move for the development of a default MyPension product to be offered by each fund.
Nearly 65 per cent of respondents supported the development of such a "MyPension" product with just 32.4 per cent opposing such a move.
The result compares to responses to the same question posed in a survey conducted during the Conference of Major Superannuation Funds seven months earlier which revealed a little less than 59 per cent of respondents as being in favour of adopting a "MyPension" product with a full 40 per cent opposed to such a move.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.