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Super Consumers welcomes Retirement Income Review

November 23, 2020 Business News No Comments Email Email

Super Consumers Australia welcomes the release of the Retirement Income Review. The Review is a clear call to action to reduce complexity and make the superannuation system work smarter for Australians.

“Retirement planning has become far too complex. People are left in the dark with no one to trust. We support the review finding that there is more work to do to guide consumers towards better decisions,” says director of Super Consumers Australia, Xavier O’Halloran.

The Federal Government’s recently announced budget package, designed to guide consumers and lift performance in the savings phase, is a shining example of what could be done to improve decision making in the retirement phase.

“The Government has clearly recognised the importance of guidance and consumer directed competition in the accumulation phase with the announcement of the YourSuper portal to compare fund performance. It is clear from the Review that consumers will benefit from the same guidance and competition in the retirement phase,” says O’Halloran.

Super Consumers welcomes the Review’s recognition that in the face of the super sector’s many competing interests, there is a strong need for objective and evidence-based research to show how the system can best serve the community.

“Superannuation belongs to consumers. It is their money. But, the interests of lobby groups have traditionally been much louder than that of consumers in debates about superannuation,” says O’Halloran.

“We’ll keep working hard to advocate for consumers but without further funding, industry lobbyists will continue to have the loudest voices in critical debates about superannuation,” says O’Halloran.

“Now that we have the results of the Review’s fact finding mission, we look forward to working with the Federal Government to build a retirement income system that is fairer and easier to navigate,” says O’Halloran.


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