POWERED BY MOMENTUM MEDIA
Is longevity risk 'overstated’?
The superannuation industry’s fixation on longevity risk could be distracting it from bigger-picture issues, an actuary believes.
Addressing delegates at Super Review’s Post-Retirement and Ageing forum, State Super Financial Services’ managing director Michael Monaghan said that while there was a shortage of products on the market to deal with longevity risk, the severity of the issue might have been overstated.
“I’m not one hundred per cent convinced that longevity risk is as bad as people make out,” he said.
Fellow panellist Peter Lambert, CEO of Local Government Super, has long-heralded beliefs that the superannuation system is too focused on longevity risk, when the aged pension would be adequate for many.
At the conference, he echoed the concerns and said the focus of the industry should shift to providing low cost advice for younger Australians.
Monaghan called for industry-wide dialogue about how advice is delivered, particularly to address the mobile future.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
