The Australian superannuation system is world leading for getting people to save for retirement, but there is still work to do in providing optimal retirement income solutions for members.
The industry recognises this need and is gradually embracing the change required to deliver the right solutions – with some funds well progressed in building their approach to delivering retirement incomes.
Shifting the member conversation from fear to confidence, creating fund structures that put retirement incomes firmly in focus, and developing solutions that enable members to optimise their spending in retirement have all been identified as necessary foundations for meeting member needs into retirement.
The challenges associated with making this change were discussed by CEOs and senior executives from the super industry at two FEAL strategy seminars hosted by KPMG and sponsored by Challenger in Melbourne and Sydney in October 2016.
The events were facilitated by Paul Howes, KPMG Partner, Head of Wealth Management Advisory, and Jeremy Cooper, Chairman, Retirement Income at Challenger.
This paper provides a point of view as stimulation for those discussions.