Members of Australian superannuation funds placed a high value on being able to access retirement planning advice through their fund, a new report has found.
According to State Street’s Global Retirement Reality Report, 61 per cent of Australians said they value the ability to access advice in a retirement plan, compared with 7 per cent who said it’s not important.
“Retirement is a uniquely personal experience, and it is notoriously difficult to find a reliable ‘one size fits all’,” said State Street’s Australian head of investments Jonathan Shead.
“The Australian superannuation industry has struggled with the question of advice for many years. How should advice be delivered? Who pays for it and what is a reasonable cost? What constitutes general as opposed to full scale advice?”
However, Mr Shead said that as more of the global pensions industry moves from older defined benefit to defined contribution designs, the questions the Australian industry has faced over advice have become global questions.
Of the other countries surveyed, 83 per cent of people in Ireland said they valued access to advice in a retirement plan, compared with 3 per cent didn’t.
The figures were similar in the US (81 per cent v 10 per cent), the UK (78 per cent v 11 per cent) and the Netherlands (71 per cent v 10 per cent).
A Greens senator who was a key agitator for the royal commission has defended his reasoning in pushing for the inquiry, but conceded that it’s not c...
APRA’s sweeping changes to income protection policies are set to force more claimants back to work sooner, as the life insurance industry faces more...
The latest enforcement update from ASIC has noted that court cases brought by the regulator in the six months to December last year under its 'why not...