The Commonwealth Superannuation Corporation (CSC) has launched an account-based retirement income product.
The CSC retirement income product enables PSSAP scheme members to access their retirement savings as a transition to retirement income stream or standard retirement income stream.
It encouraged members that had reached preservation age (55 years old) to consider the new product as it allowed super savings to remain in a tax-effective structure, gave access to a transition to retirement strategy and kept members in the Australian Government super environment.
Features of CSC's retirement income include tax-free payments and withdrawals from age 60, tax-free investment options and reversionary, binding and non-binding beneficiary options.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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