Tue, 16th Apr 2024

In this weekly superannuation news wrap, Paige Estritori discusses various topics in Australia's financial space, including changes in retirement income plans and regulations, proposed tax reforms on federal judge pensions, and the increase in superannuation contribution caps. Financial advisers are challenged with personalising retirement income, while the implementation of the Retirement Income Covenant calls for better compliance with its rules. The tax reform poses a threat to judicial security and independence. Meanwhile, the Australian Tax Office plans to raise superannuation contribution caps, potentially allowing individuals to contribute up to 1.6 million Australian dollars in one day. A loophole in the superannuation system can help new parents secure life insurance with minimal cost. Lastly, one of Australia's leading super funds, Rest, invests in a fund focusing on sustainable growth and net-zero carbon emissions in Western Europe.