Retirement advice high on industry funds 2025 wish list
Industry superannuation funds are arguing that they should be able to give members retirement income estimates on demand.
The Super Members Council (SMC) has put the argument s part of policy priorities for 2025 and is also arguing that Government agencies should be allowed to share information on the age pension and other support payments with superannuation funds.
The SMC has ranked the ability to provide retirement income estimates alongside the policy objective of expanding their ability to deliver financial advice.
“To help Australians plan with confidence, super funds should be able to help their members know if they will likely get the age pension or other government benefits and ask whether they own or rent a home,” the SMC said in listing its 2025 policy priorities.
“To deliver this, Government agencies should share information on the age pension and other government support payments with super funds.”
“Finally, super funds should be able to give Australians a retirement income estimate when they want one – not just once a year,” it said.
The SMC also urged changes to allow retirees to pay super into retirement phase superannuation accounts.
“Managing super at retirement has been made more complicated by out-of-date rules that stop retirees from paying contributions into their retirement phase accounts.,” it said.
“Retirees who do occasional paid work while in retirement — a significant proportion of retirees — are forced to have two super accounts: one to accept contributions and one to draw an income.
“Making this change would remove duplicate fees for about 100,000 retirees, slashing red tape and save retirees time and hassle.”
Read ASIC Report 639. Explain to me why under ASICs own investigations Industry Fund advisers were found to put clients in an adverse position over 4 times as much as ASICs research into non super advisers who deduct a fee from the fund? Why is any extension of advice breadth being tabled? It should be revoked and penalised with fines and bannings. The government and regulators are rotten to the core as are the industry funds controlling them. Disgraceful
It sure feels this way…
The Supers Members Council proposal should be taken with an absolute grain of salt.
I’m still dark at that ‘dodgy adviser’ commentary last year.
I think most Advisers would agree that Super funds should be able to answer some very basic questions especially to low net worth clients. But most Advisers would have experienced the poor service standards and money hungry blood sucking attitudes of Super fund. Which I fear is going to lead to a Royal Commission. This whole approach is like placing the Cookie Monster in charge of the cookies. I’d prefer greater regulation and safe guards put in place and greater regulatory overview of the Super sector prior to putting Dracula in charge of the blood bank.
The Minister to use his words has turned the “hot mess” ,into a steaming pile of dog do do by Greed.