Don Russell: There’s one tricky issue which we haven’t really focused on, and it’s that the advice stage, there’s the accumulation phase and then there’s the retirement phase. And in the retirement phase there’s an overwhelming case that people need advice, and it’s not just advice necessarily about products. There’s 70 to 80 per cent of the population will still have a relationship with Centrelink, and there’s clearly people need advice to make sure that how they structure their retirement income arrangements does have to be done in the context of Centrelink, and most people need advice on that.

Tony Cole: Either that, or we need a My Super approach to the retirement phase.

Don Russell: No, no, because there’s advice that people need to know on how to structure their arrangements, to make sure that they’re not doing something silly.

Ann-Marie Corboy: Remember that a great number of them, Don, won’t have the account balance to need it.

Don Russell: For people who have a lump up to about $200,000, they’re going to qualify for the full pension, and so in that sense, the government doesn’t really need to be concerned about annuities or whatever, because these people are going to get the full pension. But there’s another group from about $200,000 up to about $500,000 and that’s our members. This is a group of people, the private sector is not that interested in them, but it’s very important that they get in the context of how they structure their arrangements with Centrelink, because most of our members will be in receipt of pension. We’ve put the system now on track to give intra-fund advice as a major way to do this. And the area which we haven’t really tidied up is in that context of intra-fund advice and the retirement phase, there are going to be a lot of funds which will want to do this, and the advice they’ll give to their members is “The advice we give to you is that you should put your money back into the fund itself. So we have a very fine allocated pension, and that’s where you should put your money”. And I think we’ve got to think through, at that stage, is it appropriate for the answer to always be “It goes back into the fund where it’s come from”, or do we need to think of an arrangement where – in most cases it probably will go back into the fund where it came from – but should that be contestable in some form or other?