Changes to the way superannuation is taxed and when members can access it may lead many to seek other options and hold investments outside of super, Centuria Life opined.
Commenting on the recently released Tax Discussion Paper, general manager, Neil Rogan, said he is seeing some investors thinking about diversifying into other investments.
He said superannuation reform could create confusion for people around their retirement strategy.
Rogan warned upping the super access age to 70 years old in line with the Age Pension could push people to diversifying into other investments that they can access more easily when they want to retire.
"If the access age increases it may disadvantage those who have the means to retire at 65 by taxing early withdrawals," he said.
"It may also impact how much you can withdraw at 60 and how much you can use as an income stream."
Rogan urged investors to think about investments like shares, property and life insurance investment bonds held outside of super.
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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