Australia overdue for retirement income overhaul: review family home, bequests and gig workers’ rights

From

Retirement income for Australians, which rests on the three pillars of compulsory superannuation, a publicly-funded Age Pension, and voluntary savings, must undergo significant reform to be simpler, more efficient, and equitable, a year-long policy review from the Actuaries Institute said. The Institute’s recommendations are set out in a just-released policy document, Securing Adequate Retirement Incomes

continue reading

Further work needed on draft Your Future, Your Super regulations

From

The Actuaries Institute has welcomed the federal Government’s draft Your Future, Your Super reforms, but warns there are fundamental problems with some of the key proposed regulations, including the test that deals with superannuation funds that ‘underperform’. The federal Government recently issued the draft regulations to support the Your Future, Your Super Bill (that is

continue reading

Actuaries Institute report says ‘real momentum for change’ in disability insurance sector

From

The Actuaries Institute’s Disability Insurance Taskforce yesterday said there is “real momentum for change” in a sector that continues to face significant financial stress and is subject to close monitoring by APRA. Release of the Taskforce’s final report into individual disability income insurance (IDII) follows more than 12 months of critical examination of the sector

continue reading

Australian Actuaries Intergenerational Equity Index shows 2020 ‘a year like no other’: COVID impact felt unevenly across generations

From

The equity gap between Australia’s generations closed slightly after ‘a year like no other: 2020’. The authors of the Australian Actuaries Intergenerational Equity Index (AAIEI) believe gains for young people will be temporary, quickly reversing as government support is withdrawn. The first update to the AAIE Index was released today. The Index, commissioned by the

continue reading

Federal Government’s Budget delivers changes to super but more needed

From

The Federal Government’s 2021-22 Budget, delivered tonight by Treasurer Josh Frydenberg, has outlined a raft of policy measures to guide Australia’s economic recovery after the COVID-19 lockdown, the Actuaries Institute said. The Budget states Australia’s recovery has been swifter than the Government expected at the time of the last Budget, but reducing unemployment remains a

continue reading

Government should consider a ‘carer’s credit’ to overcome gender bias in superannuation

From

Prominent actuaries and superannuation experts have tackled the decades-old issue of women retiring with less money than men, pinpointing three areas for reform including a government-funded carer’s credit. Mercer’s David Knox, and Michael Rice and Richard Dunn from Rice Warner, said the gender super gap begins at the very start of a woman’s working life,

continue reading

Actuaries paper says Boards need to monitor executive behaviour to avoid past mistakes

From

Australian company directors should be doing more to ensure their executives stick to the ethical values espoused at Board level if they want to avoid a repeat of the poor behaviours exposed at the Hayne Royal Commission. In a Dialogue paper[1], published by the Actuaries Institute but representing the views of the author, Barry Rafe

continue reading

Actuaries Institute president says risk management is increasingly important

From

Risk management is a significant area of growth for Australia’s actuaries as the private and government sectors, the economy and jobs market recover from the impact of COVID-19, incoming Actuaries Institute President Jefferson Gibbs said. Mr Gibbs, who takes over from Hoa Bui, said actuaries will increasingly expand their remit, taking on greater and more

continue reading

Australian Actuaries Climate Index shows most extreme Spring to date

From

The Australian Actuaries Climate Index shows that the Spring of 2020 exhibited extreme weather in comparison with the same season in previous years. While a temperature index value of this level in the Spring reflects less severe overall conditions than would be seen in Summer, it remains a noteworthy data point in the ongoing trend

continue reading

Actuaries Institute Pre-Budget submission says super must be simpler and its purpose clear

From

In a pre-Budget submission to federal Treasury, the Actuaries Institute has urged the Government to simplify Australia’s superannuation regulations, review areas where retirees need extra support and legislate to make the overall objective of the retirement income system clear. The submission was lodged with the federal Government on 29 January. The Institute believes Australians should

continue reading