Australians need easy way to manage super

The industry needs to get behind the Productivity Commission’s (PC’s) recommendations and make it easier for Australians to manage their super as well as reduce the risks of unnecessary fees, according to financial advisory firm Dixon Advisory.

The PC’s final report into superannuation stressed the persistent underperformance and multiple accounts could reduce a member’s retirement balance by over $500,000 and proposed a number of recommendations to reduce the impact for new and existing super fund members.

Dixon Advisory’s head of advice, Nerida Cole, said: “While there are plenty of very good super fund options out there, it is not good enough that some members could remain in persistently poor performing funds over many years.”

Related News:

Cole also said that the recommendations were extensive and therefore, if agreed by the government, they would take some time to implement.

“That’s why it’s vital that the Protecting Super Package announced in last years’ budget – that stops excessive fees and insurance premiums eating away small account balances and gives the ATO more power to consolidate lost and duplicate accounts – is finalized by the parliament as soon as possible,” Cole added.




Related Content

ALP hits trouble on super tax policy

The Australian Labor Party (ALP) may not have significantly altered its superannuation policy since the last Federal Election but it has found itself ...Read more

Increasing SMSF members a win for flexibility

A major industry body has given the Federal Government’s proposal to increase the maximum number of members in self-managed superannuation funds (SM...Read more

Older Aussies adverse to stock market risk

Retired Australians want financial security and peace of mind, but are worried about gambling their life savings on share market-dominated superannuat...Read more

Author

Comments

Add new comment