Sun, 18th Aug 2024

In this week's Financial Services Online Superannuation News Wrap, discussions from the recent Retirement Conference in Canberra centered on the need for superannuation funds to collaborate with insurers to meet Retirement Income Covenant obligations. Industry experts highlighted issues such as members holding onto accumulation mode, lack of spending habit data, and trustees facing skill development difficulties. Key solutions include focusing on growth rather than accumulation. ASIC Commissioner, Simone Constant, encouraged immediate action to better cater to retirees, with a particular focus on middle-income earners. Additionally, a new venture, the "Retirement Magazine" by Conexus Financial was introduced. In other news, SuperMate, an SMSF platform, has developed an anti-fraud feature helping safeguard the bank accounts used for tax refunds and superannuation guarantee contributions. This development comes in response to Australians experiencing over $2.7 billion in scam losses last year.