Mon, 19th Aug 2024

This update covers key points from the recent Retirement Conference in Canberra, where APRA's deputy chair, Margaret Cole, stressed the importance of superannuation funds collaborating with insurers to meet Retirement Income Covenant obligations. Other obstacles mentioned include members remaining in accumulation mode, lack of data on spending patterns, and trustee education needs. To address these, Conexus Financial has launched "Retirement Magazine", merging research, journalism and industry insights. Support for this initiative includes Allianz Retire Plus, Challenger, and Unisuper. Australian superannuation funds were further urged to focus on achieving their Retirement Income Covenant goals and improving retirement results through transparent strategy use. Additionally, in light of recent fraudulent activities, SuperMate, a comparative SMSF platform, has introduced a formidable anti-fraud tool to strengthen bank account verification for tax refunds and superannuation guarantee contributions.n