Retirement
‘People have a right to know’ what their super is funding: O’Dwyer
Retirement
‘People have a right to know’ what their super is funding: O’Dwyer
The federal minister for revenue and financial services has taken a swipe at the superannuation system, arguing that funds need to do a "better job" of protecting members’ interests.
‘People have a right to know’ what their super is funding: O’Dwyer
The federal minister for revenue and financial services has taken a swipe at the superannuation system, arguing that funds need to do a "better job" of protecting members’ interests.
Speaking in Sydney this week, Kelly O’Dwyer said that given Australians’ longer life spans, the super system needs to lift its game when it comes to “preserving members’ money and intersts”.
Continuing, she said: “As technological advancement continues to disrupt existing business and employment practices, our regulatory institutions must adapt.
“People have a right to know what is happening with their money, how their money is being used, whether it is being used to fund political campaigns or being siphoned off to associated bodies such as unions or industry organisations.
“They need to know if there are being ripped off with high fees that don’t deliver benefits.”
Because Australia’s superannuation system is compulsory – meaning nearly 10 per cent of Australians’ wages aren’t accessible until retirement, it’s even more crucial that funds are transparent, she continued.
Ms O’Dwyer claimed that this a key reason the government is pursuing improved superannuation fund transparency; “so that superannuation members can have the right to know what is being done with their retirement nest eggs”.
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Super returns fall into the red for FY22
Unless a recovery takes place in the coming weeks, super funds will experience their fifth negative financial year since the introduction of compulsory super. Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Super returns fall into the red for FY22
Unless a recovery takes place in the coming weeks, super funds will experience their fifth negative financial year since the introduction of compulsory super. Read more