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

APRA uses new directions power, puts licence conditions, on AMP super

APRA has used its new directions power, and imposed additional licence conditions, on AMP super. APRA announced that it has issued directions and put new licence conditions on AMP Superannuation Limited and N.M Superannuation Proprietary Limited – which both make up AMP Super. The prudential regulator said it had done… Read More »APRA uses new directions power, puts licence conditions, on AMP super