The Actuaries Institute has urged policymakers to focus on the speedy introduction of a Comprehensive Income Products in Retirement (CIPR) framework to deliver greater income protection and security throughout their retirement.
In a pre-budget submission to the Federal Government, the institute said the Government should quickly establish a CIPR framework and remove any social security means testing and taxation policy settings that constrain CIPR product development and consumer take up.
"The introduction of CIPR-style products should deliver greater income security and protection throughout retirement," the submission said.
The submission also said it agreed with the Australian Prudential Regulation Authority (APRA) that the Government should pursue legacy product rationalisation more vigorously.
"…instilling greater public confidence in the life insurance sector to potentially boost demand for risk products with the consequent effect of reducing social service payments," it said.
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.
Add new comment