‘Peace of mind’: Treasurer unveils four-point plan to reform retirement

Treasurer Jim Chalmers has unveiled a policy agenda targeting the retirement phase of superannuation, including a legislative change that will allow funds to provide new retirement product features like money back guarantee. The reform package was described by Chalmers as “necessary” and the result of “consultation and collaboration” with industry in his foreword to the inaugural edition of Retirement Magazine.

Govt still ‘confident’ of achieving financial advice reform

Minister for Financial Services Stephen Jones is still confident of reforms to broaden access to financial advice despite reports that secret stakeholder consultations over the Delivering Better Financial Outcomes bill were “at risk of collapse”.

UK unveils ‘Australian-style mega-funds’ ambition for pension system

The UK Chancellor of the Exchequer Rachel Reeves has pledged to turn the nation’s pension providers into Australian- and Canadian-style “mega-funds”, by supercharging consolidation with measures such as imposing minimum size requirements on defined contribution funds. But while there has been a positive link between scale and investment performance in the Australian market, mega funds have their woes and the UK may want to heed the cautionary tale.