POWERED BY MOMENTUM MEDIA
Retirement income policy needs change: Benari
On the back of strong results from Challenger's life insurance business, chief executive Brian Benari said the increased demand for reliable retirement income streams is forcing both sides of politics to consider removing some of the existing impediments in deferred annuities.
He said although baby boomers had been accumulating their own superannuation, product providers were recognising that there was a need to have differentiated products for accumulation accounts and retirees.
This need would only continue to grow over the next 20 years as the retirement wave raged on, Benari said.
"There's a lot of reviews going on — there's a superannuation roundtable being run by Bill Shorten and its next meeting is in March," he said.
"Similarly, the Opposition has also come out — this was a release from (Shadow Treasurer) Joe Hockey a couple of weeks ago — whereby they said they would also look to address the impediments around retirement income solutions."
Benari added that many of the industry associations, including the Financial Services Council and Australian Institute of Superannuation Trustees, have also recognised that these impediments need to be addressed.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
