A research house has projected that total assets in the retirement incomes market will hit $1.08 trillion within the next decade.
The DEXX&R Market Projections Report projected retirement income assets will increase from $527 billion at December 2014 to $1.08 trillion in December 2024.
The make-up of the retirement incomes sector is also set to shift over the next 10 years, said the report.
SMSFs in drawdown phase currently make up 62 per cent of the retirement incomes market, but that will decrease to 48 per cent of total assets by December 2024.
The retail sector is set to increase its stake in the market from 30 per cent ($160 billion today) to 38 per cent ($408 billion in 2024), said DEXX&R.
The annuity sector is projected to remain stable at 2 per cent of the market, while industry funds will double their pension accounts from 6 per cent to 12 per cent of the retirement incomes market.
Overall superannuation assets held in the accumulation phase are projected to increase by an average annual growth rate of 7.4 per cent to $3.1 trillion in December 2024.
The corporate regulator has cancelled the licence of three Queensland-based fina...
The majority of the company’s advisers have transferred to another licence as ...
ASIC has fired a warning shot at real estate agents providing unlicensed advice ...