Australia to Fix Flaws in World’s Fourth-Biggest Pension Pool
Australia’s third-largest pension fund is boosting its financial services division as a wave of baby boomers look to exit full-time work over the coming decades.
The government will try again to stop the common practice of young workers automatically being charged for life insurance through their pension plans, Senator Jane Hume, the new assistant minister for superannuation, financial services and financial technology, told a Bloomberg conference Thursday. It will also work to ensure people are given better options for drawing down their savings when they reach retirement.
“There are several challenges with the way our superannuation system is operating,” Hume said. “Our focus must be on improving the efficiency of the system, lowering costs and promoting informed member choice and competition.”
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