Last chance to keep insurance in super for people with inactive accounts

This is the last week for people with inactive super fund accounts to tell their funds that they wish to continue their insurance cover, several finance groups have warned. Financial Counselling Australia, the Consumer Action Law Center, and the Australian Institute of Superannuation Trustees, have warned that on 1 July… Read More »Last chance to keep insurance in super for people with inactive accounts

ASIC makes cost of living rule change for super and retirement calculators

ASIC will soon change the rules for superannuation and retirement calculators, taking more account of cost of living – a change described by an industry member as “significant”. ASIC has released new rules which it says are aimed an ensuring superannuation and retirement calculators adjust for inflation. Under the changes,… Read More »ASIC makes cost of living rule change for super and retirement calculators

Myth busted. Boosting super would cost the budget more than it saved on age pensions

Written by Brendan Coates, Grattan Institute. It is often claimed that Australia’s superannuation system will ease the budgetary burden of an ageing population. It’s certainly the impression put about by those pushing for an increase in employers’ compulsory contributions from 9.5% to 12%. But new estimates suggest that for up… Read More »Myth busted. Boosting super would cost the budget more than it saved on age pensions

Australia’s retirement savings gap to reach $9 trillion if steps not taken

The World Economic Forum says that steps need to be taken, potentially including default retirement phase structures, if Australia is to avoid the retirement savings gap reaching $9 trillion by 2050. “Pension systems around the world all face a common problem – the strain put on existing promises for retirement… Read More »Australia’s retirement savings gap to reach $9 trillion if steps not taken