Industry funds to offer their own retirement products
More than 80 per cent of industry superannuation funds expect to have some sort retirement solution product in place within the next three years.
Around half of those funds envisage bringing such a product to market within around 12 months.
That is the bottom line of a poll of delegates to an Australian Institute of Superannuation Trustees (AIST) conference this week.
However the bad news for product providers is that around 50 per cent of those surveyed said they expected such services to be delivered by the funds themselves.
As part of the discussion around retirement products Challenger chief executive Richard Howes canvassed the use of annuities while PriceWaterhouseCoopers partner, Marco Feltrin warned on issues around after tax strategies for super funds.
In particular, Feltrin warned trustees needed to be careful to separate monies with respect to the accumulation and retirement phases.
He said while after tax treatment might not be a big issue for the Australian Taxation Office it was a big issue for the Australian Prudential Regulation Authority.
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