The Retirement Income Review is the first wholesale review of the retirement system in nearly three decades and presents a significant opportunity to further improve the system.
It should aim to build on the success of our universal super system, ensuring the pension and superannuation systems are working together as efficiently as possible so that Australians get the most out of every dollar in retirement with as efficient use of public resources as possible.
We welcomed the opportunity to provide comment on the goals, principles and performance of Australia’s retirement income system.
ISA made three separate submissions. The focus of our submissions was on how the three Pillars - compulsory superannuation, voluntary savings and the Age Pension - provide for people’s retirement.
Our three submissions (papers) focus on:
Our submissions and associated attachments are available here:
Attachment 1: KPMG Stapling Report, 2019
Attachment 2: Dr Wilson Sy, Financial Performance Trends of Australian Superannuation: System and Sectors, 2018
Attachment 3: Dr Wilson Sy, Impact of Asset Allocation and Operational Structure on the Investment Performance of Australian Superannuation, 2018
Attachment 4: Rice Warner, Member Switching, 2017
Attachment 5: ISA Report, Supernomics: Addressing Failures of Competition in Superannuation Market, 2010
Attachment 6: Brief on the Assets Taper Test, 2020
Attachment 7: Susan Bell Research, Australians’ Experiences and Expectations of Retirement, 2020
Attachment 8: Tax Concession Estimates for 2019/20, 2020
Attachment 9: Australian Retirement Income Adequacy - A Distributional Approach to Cameo Modelling, 2019
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.