The Grattan Institute’s research results - which suggest that most Australians can expect to receive a retirement income of at least 70 per cent of their pre-retirement earnings - are misleading and don’t represent the complete picture.
The OECD recently warned that the community’s belief that pension systems will deliver on their promises has been eroded. Mercer's David Knox says this has dented confidence.
There has been considerable commentary that the Australian superannuation industry has excessive fees. But that is not quite true, says Mercer's David Knox.
As Australia is heading towards having the lowest pension cost of any OECD country, we must be willing to be bold, think outside the square and so improve our overall retirement income system.
In view of the forthcoming review of the retirement income system, it is necessary to think about the level of financial resources needed by Australians in retirement. So, what is the purpose of the system? Currently we do not have a clear objective, says Mercer's David Knox.
The super game has changed for ever. Although the changes will not be without controversy, they are designed to ensure that our system delivers improved retirement incomes in a sustainable manner.