lump sum

Industry View

AIST viewpoint: The facts of retirement

There can be no doubt that big data is a big part of superannuation these days. At AIST’s recent Conference of Major Superannuation Funds held last month on the Gold Coast, the potential for the mining of data to revolutionise and disrupt our industry was an ongoing theme across the conference’s 66 sessions. But when […]
Policy and Regulation

Overhaul needed or super “condemned”: Deloitte

The superannuation system is “condemned to fail” if it isn’t overhauled and made consistent with the aged pension by providing lifetime benefits rather than lump sums, warns a new Deloitte report. The Federal Government and the industry should be tasked with moving super to an annuitised and more flexible system or leave Australians woefully underfunded […]
Investment Strategy

Insurance “pain” invites new approach

Rising insurance claims have seen a number of superannuation funds recently renegotiate premiums, with some pundits predicting it’s the start of broad sweeping changes for large funds. In the last week both Cbus Super and Equip announced changes to their insurance cover, as both funds renegotiated terms with their insurer, Hannover Life Re of Australasia. […]
Retirement

Brogden calls for radical retirement reform

John Brogden has asked politicians to think the unthinkable on post-retirement reform. Speaking at the annual Post Retirement Conference in Sydney, the chief executive officer of the Financial Services Council called for a rise in the preservation age to “at least” 62, a convergence of pension age and preservation age, restrictions in the ease with […]
Retirement

The baby boomer tsunami

Australia has probably the most admired accumulation system in the world, but our system of decumulation is a work in progress. That superannuation funds, politicians and researchers are all talking about change is cause for hope. Indeed such is the level of agreement that the era of easy access to lump sums must end, several […]
Retirement

Deconstructing the lotto mentality

Australia’s “lump-sum” mentality when it comes to superannuation is a key challenge for government and industry, says Nick Sherry, senior adviser to Citi, arguing that the system is need of a significant change in parameters. “Australia is the land of the lump sum. I call it the lotto mentality,” he tells IM Online. “The classic […]