This white paper was developed by KPMG and Challenger based on a series of workshops with Australian superannuation funds to understand the importance of providing retirement income solutions to their respective member bases.
In the paper we describe the need to align the organisation with a retirement philosophy and propose a framework which will provide funds with a consistent, practical way of helping members optimise their retirement outcomes.
Member retirement outcomes and retirement income are in the top strategic priorities for 2015-2018.
Funds need a retirement framework, an ability to implement a solution and a fuller suite of retirement products in order to optimise retirement outcomes for members.
Retaining members approaching or in retirement is a significant issue for many funds, especially for funds with higher average ages.
Online advice will increasingly play a critical role in servicing the volume of members requiring retirement education and solutions.
Funds that have kept their administration functions in-house may be able to implement solutions faster.