Suggestions by former treasurer Peter Costello that the government should manage default superannuation have been decried by the industry as “nationalising super”.
Australians now have over 41,000 superannuation investment options to choose from, which is far more than they could ever want or need, says Rice Warner.
Industry fund Equipsuper has made cuts to its administration fees in what it says is the “first sign of merger benefits” with Rio Tinto Staff Super.
Given the size of Australia’s superannuation sector, funds should be seeking more opportunities in global equities, says Cerulli Associates.
Data collected on super fund members does not go far enough in revealing what members actually need or desire in retirement, research house Milliman has warned.
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