Australia has ranked third in Mercer's global pension index with a score of 77.9, following Denmark at 80.5 and the Netherlands at 80.1.
However, the country's overall score had dropped 1.7 points since 2015, primarily due to a reduction in the net replacement rate.
The index found Australia's pension adequacy dropped from 81.2 in 2015 to 76 in 2016, its sustainability increased from 72.1 to 74.1, and integrity dropped from 87.6 to 86.1.
Mercer said the score for Australia's system could be increased by:
Despite the high ranking, Australia was not the top country for any indicator with the Netherlands claiming the top spot for adequacy, Denmark for sustainability, and Finland for integrity.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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