New superannuation income products backed by government reforms in the budget, which are designed to encourage older Australians to spend big in retirement, have been slammed as “actuarial fraud” by one of the country’s largest funds, the $55 billion Sunsuper.
The sentiment — which is shared by large sections of the not-for-profit super industry — marks an early setback for proposals set to be enshrined in law by Financial Services Minister Kelly O’Dwyer, who only last Thursday released a position paper on the so-called comprehensive income products for retirement (CIPRs).
This budget progressed government’s plans to encourage development of post-retirement products, […]
Full Post at www.bfcsa.com.au