The Association of Superannuation Funds Australia (ASFA) has launched a new course aimed at improving super funds' understanding of clients' needs for the post-retirement phase.
An ASFA statement said the Certificate of Post-retirement focuses on the risks in retirement as well as the development and delivery of income streams, aged care and estate planning.
Commenting on the new course, ASFA chief executive Pauline Vamos said as the number of fund members entering retirement increases, it is “crucial” super funds lift the knowledge of employees so they are “better qualified” to manage members’ needs.
“This course is the first step along the path to build greater awareness of retirement needs,” Ms Vamos said.
“The Intergenerational Report shone a light on just how much the demographics of our population will change over the coming years.
“For superannuation funds, this means more and more members moving from accumulation into retirement. This gives rise to a new set of challenges for call centre staff, product developers and financial advisers as fund members demand more information,” she said.
Ms Vamos also said the course would help "spur innovation" in the retirement income stream product market.
“[The course will provide] developers with a sound basis as to what this growing pool of retirees need and want from post-retirement financial products.
“Expanding the knowledge base and lifting the skills of our teams will help deliver a better experience and better outcomes for fund members,” Ms Vamos said.
The review into APRA’s capabilities has been released and the review has singled out APRA’s handling of superannuation as an area that n...
One Australian super fund has invested in new energy loans via a peer-to-peer lender in what is touted as an Australian super fund first. ...
APRA has updated the approved form and instruction guide for applications for a MySuper Product authorisation. ...