Australia’s retirement income ‘bulge’ requires urgent, comprehensive fix

From

Leading consultants to the financial services and superannuation sector Rice Warner has outlined the scale of the retirement incomes bulge facing Australia’s ageing population, its policymakers, superannuation funds and product manufacturers. The next 15 years will see more Australians leaving or winding down from the workforce than entering it. On Rice Warner analysis, Australia’s ageing nation will comprise two […]

continue reading

Fees ate my super…or did they?

From

Are Australians paying too much in management fees on their superannuation? Recent discussion in the media suggests just that. However, some of the publicity is based on inaccurate claims or assertions that a single national fund would be much cheaper than a competitive environment. Let’s look at the facts… The arrival of no frills MySuper […]

continue reading

Product innovation helps deliver strong growth for Australia’s direct life insurers

From

Innovative product development coupled with speed to rationalise non-performing offers has helped underpin strong growth in Australia’s direct life insurance segment. In the 12 months to December 2013, direct life insurance sales accounted for $558.1 million, with in-force annual premiums worth $1,459.3 million for the same period. This represents significant growth over the 2013 year, […]

continue reading

Joint superannuation accounts – the next front in a long campaign to better engage fund members

From

Finding ways to truly engage superannuation fund members with their retirement savings outcomes is a long-term industry conundrum in Australia. Superannuation funds have embarked on numerous approaches to improve member engagement levels, with mixed results. Aside from the economic imperatives for funds to attract and retain members, there is a long list of member and […]

continue reading

Rice Warner implements retirement savings equity

From

Consulting firm Rice Warner has adopted an innovative approach to bridging the retirement savings gap for its female employees. The initiative addresses a fundamental gender imbalance that affects the retirement incomes of a majority of Australian female employees. Rice Warner today released details of what is believed to be a first for an Australian business […]

continue reading

Stop moving the superannuation goal posts: SMSF trustees

From

Legislative change is the key risk to a comfortable retirement. That is the major finding from a comprehensive survey by Rice Warner Actuaries of members of the SMSF Professionals Association of Australia (SPAA).  Rice Warner founder and Chief Executive Officer Michael Rice says: “The SMSF trustees surveyed identified many risks concerning them, including investment and […]

continue reading

Rice Warner clarifies cost of opt-in calculation

From

Rice Warner has submitted a letter to Minister Bill Shorten, Minister Financial Services & Superannuation, to clarify the analysis of its costs of ‘opt-in’ and to emphasise they are not onerous for the industry.  The Cost of ‘opt-in’ – confusion over what is and isn’t included in our calculations Rice Warner’s estimate of $11 per client […]

continue reading

Technology, education, analytics to drive growth in wholesale insurance market

From

A new report from independent financial services consultancy Rice Warner predicts strong growth for the wholesale insurance market over the next 15 years. According to Richard Weatherhead, Director and Head of Life Insurance at Rice Warner, this growth will emanate from individual member increases in cover rather than increases to default cover levels. “The growth […]

continue reading

Member retention is the new engagement warns Rice Warner

From

The issue of fund member retention at retirement has supplemented member engagement as one of the more pressing issues facing Australia’s $1.4 trillion superannuation sector according to Michael Rice, Managing Director of independent actuarial and financial services consulting firm, Rice Warner. Mr Rice says new thinking and urgent attention is required by superannuation funds not […]

continue reading

Life insurance gap beginning to close in Australia

From

New report from Rice Warner reveals increasing levels of personal insurance Australia’s life insurance gap has reduced over the last six years, according to a new report from Rice Warner Actuaries. As at June 2010, the overall level of underinsurance is $669 bn to meet the subsistence needs of families and dependants after death, which compares […]

continue reading