BT receives pensions windfall
Chris Freeman
Morningstar has released data showing that investors are taking advantage of transition to retirement opportunities and tax-free super over 60.
The data also showed that one-third of investment dollars was going into BT Financial Group’s investment platforms, BT head of wrap solutions Chris Freeman said.
Investors are swamping the pension market and setting up transitional strategies to reduce their tax burdens, Freeman said.
“Pension application volumes doubled in the second half of 2007 to a high of 1,400 in September while internal transfers from accumulation to pension products quadrupled from around 400 to 1,800 in August 2007,” he said.
The National Centre for Social and Economic Modelling has estimated that removing tax on benefits has increased the retirement incomes of higher earners by up to 41 per cent.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
