Superannuation

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The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in others.

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The TAL and Investment Trends 2023 Retirement Income Report, after surveying over 10,600 participants aged 40 and older, has uncovered a notable shift: for the first time in almost a decade, more retirees believe their savings will outlast them after they cease working—35 percent having this conviction compared to the 33 percent who worry about outliving their funds.

This buoyancy comes despite economic headwinds, with 60 percent of Aussie retirees stating they're living comfortably, marking an improvement from the previous year. Ashton Jones from TAL underscores the positive impact of super funds, which "are increasingly lifting the bar to better support members in retirement." He points out that educating members about transitioning from accumulating to drawing down super in retirement can "improve member confidence and outcomes," a move aligned with the Retirement Income Covenant's expectations.

Conversely, insights from the 2023 MFS Global Defined Contribution Survey, incorporating feedback from 1,000 super fund members, depict a more sobering picture. Here, the narrative is flipped, with the majority indicating that inflation has forced them to re-evaluate their retirement savings plan, necessitating extended work life or casting doubt on retiring altogether.

Joshua Barton from MFS Investment Management highlighted these findings, stating, “While the loss of retirement confidence in Australia is in line with global peers, it highlights the role that effective advice can play in helping investors meet their retirement objectives." He emphasized the need for accessible financial advice, especially in an evolving landscape where the sector transitions from savings accumulation to income drawdown.

The MFS study also pinpointed a desire for personal touch in financial advisement, with one in three desiring interaction with an adviser through in-person or video meetings. Barton added, "This is particularly important as the industry readies for superannuation’s historic transition... We must embrace the regulatory and legislative relief changes geared towards delivering better financial outcomes that can help insulate retirees, current and future, from market cycle stress.”

The two contrasting reviews consequently signal a crossroads for Australians facing retirement, with optimism and uncertainty coexisting as they navigate the turbulent financial terrain ahead.

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The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in others.

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As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save.

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According to a recent Finder survey involving over a thousand participants, Australians estimate they need to squirrel away $641,223 for their retirements, a figure that's alarmingly twice the actual expected super balance at retirement.

This disconcerting gap highlights a burgeoning problem for the soon-to-be retired. Official data from the Australian Taxation Office (ATO) paints a stark picture, showing the average Australian male aged 60 to 64 has a super balance of just $402,838, while their female counterparts have even less, with $318,203 saved up.

To achieve the nearly $650,000 retirement goal, an individual would need to earn $33,397 each year, assuming a retirement age of 64 and an average Australian lifespan of 83. This goalposts seem to be constantly moving, with The Association of Superannuation Funds of Australia (ASFA) suggesting retirees need between $595,000 and $690,000 for a couple — figures that are only set to rise further.

Sarah Megginson, personal finance expert at Finder, voiced concerns over the widening gap between retirement expectations and reality: "Thousands of Aussies are facing a huge deficit when it comes to the size of the ‘nest egg’ they think they’ll need to retire with and the amount they’ll actually have."

She highlighted the increasing life expectancy and cost of living in Australia, urging that retirement savings will need to stretch further than ever before.

The survey also revealed generational differences in expectations, with Baby Boomers estimating a need for $545,548, Gen X aiming for $751,813, Millennials looking at $628,191, and Gen Z anticipating $594,909 for a comfortable retirement.

Megginson offered advice to those looking to maximise their retirement funds. "It’s really easy to forget about super because you can’t access it now, but it’s actually your money, so make sure it’s working in your best interests," she advised.

Amidst the dire projections, Megginson recommends retirees-to-be review their super funds for performance and fees, ensuring they aren't paying exorbitant fees and that their funds align with their risk profiles. She also stressed the importance of consolidating super funds to avoid unnecessary fees, thereby preserving more for retirement.

This wake-up call to assess superannuation arrangements encourages Australians to take charge of their retirement planning and to ensure their golden years are as comfortable as the nest eggs they've long envisioned.

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• Yes

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As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(120) "/retirement/superannuation/aussie-retirees-face-a-shortfall-as-ideal-retirement-nest-egg-doubles-what-super-will-deliver" ["image"]=> string(127) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1700686379/super-annuation-australia-shortfall_xzm5d0.jpg" ["image_alt"]=> string(93) "Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver" } [2]=> object(stdClass)#8097 (57) { ["id"]=> int(18384) ["title"]=> string(58) "Super funds eye 6.5% return in 2023, despite a rocky start" ["alias"]=> string(56) "super-funds-eye-6-5-return-in-2023-despite-a-rocky-start" ["introtext"]=> string(166) "

As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows.

" ["fulltext"]=> string(2457) "

Anticipation is in the air, with expectations leaning toward a 6.5 per cent return from the median growth super fund, which is characterized by a portfolio consisting of 61 to 80 per cent in growth assets, by the close of 2023.

The journey throughout the year has been anything but smooth, with the median growth fund having amassed a 3.7 per cent return since January, and a 4.3 per cent increase over the past twelve months. This is a reflection of the tumultuous financial waters navigated by investors this year.

There's news for risk-tolerant investors as well, with high growth options, boasting 81 to 95 per cent growth assets, having surged 4.6 per cent within the calendar year thus far, and an encouraging 5.2 per cent within the last twelve months. Meanwhile, those who lean towards the more conservative balanced options, with 41 to 60 per cent in growth assets, have seen growth of 3.1 per cent and 3.7 per cent respectively.

However, not all that glitters is gold, as the recent past has been marked by a dip in fortunes. In October alone, the median growth option took a 1.5 per cent hit. The sector suffered for the second successive month following a 1.9 per cent decline in September, and it's been a challenging new financial year since July 1, 2023, with all investment options experiencing setbacks.

Chant West's senior investment research manager, Mano Mohankumar, provided insight into the forces at play during this period, stating: “The tragic events in the Middle East also weighed on markets in October. Over the month, Australian shares fell 3.8 per cent while developed market international shares fell 2.6 per cent in hedged terms."

He added, “However, the depreciation of the Australian dollar against all major currencies reduced the loss in unhedged terms to just -1 per cent and super funds, on average, have about 70 per cent of their international shares exposure unhedged. Emerging markets shares were down 2 per cent for the month. Australian bonds fell 1.8 per cent while international bonds fell 0.8 per cent, as bond yields rose again during October.”

These insights demonstrate a complex landscape for superannuation funds, affected by global events and market volatility. Despite the recent downturns, Chant West's expectations for the year-end bring a glimmer of hope to superannuation members, eager to see how their funds will fare as 2023 unfolds.

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• Yes

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As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows.

Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#8631 (33) { ["id"]=> int(1) ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> int(2355) ["ordering"]=> int(-1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8299 (3) { ["data":protected]=> object(stdClass)#8115 (1) { ["options"]=> object(stdClass)#8117 (2) { ["options0"]=> object(stdClass)#8118 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#8116 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8298 (3) { ["data":protected]=> object(stdClass)#8113 (6) { ["hint"]=> string(0) 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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(83) "/retirement/superannuation/super-funds-eye-6-5-return-in-2023-despite-a-rocky-start" ["image"]=> string(132) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1662713814/Photo%20library/ASXaustralian_stock_exchange_16.jpg" ["image_alt"]=> string(58) "Super funds eye 6.5% return in 2023, despite a rocky start" } [3]=> object(stdClass)#8096 (57) { ["id"]=> int(18369) ["title"]=> string(52) "A deep dive into Australia’s superannuation system" ["alias"]=> string(50) "a-deep-dive-into-australia-s-superannuation-system" ["introtext"]=> string(161) "

Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years.

" ["fulltext"]=> string(4160) "

But how exactly does this complex system work? This article aims to demystify the Australian superannuation system for both experts and casual readers alike.

What is superannuation?

Superannuation is a long-term savings arrangement wherein both employees and employers contribute to a fund that will serve as a nest egg upon retirement.

As of 2021, employers are required to pay 10 per cent of an employee’s earnings into a superannuation account. This rate is expected to gradually increase to 12 per cent by 2025.

Types of super funds

1. Retail Funds are open to everyone and are managed by banks and investment companies.
2. Industry Funds, originally designed for specific industry employees, have become increasingly available to the general public.
3. Corporate Funds are reserved exclusively for a company's employees.
4. Public Sector Funds are established for government employees.
5. Self-Managed Super Funds (SMSFs) operate under the control of their own members.

Contributions

There are several ways to add to your super fund.

• Employer Contributions involve an automatic deduction of a portion of your salary.
• Personal Contributions allow you to supplement your superannuation savings with additional funds, often with tax advantages.
• Government Contributions may be made to the superannuation accounts of lower-income earners to bolster their retirement savings.

Employers are obligated to make superannuation contributions to the accounts of their employees.

For employees who don’t choose their own super fund, the employers must also choose a default super fund. Additionally, they are required to contribute on a regular basis every three months. Penalties may apply if these responsibilities are not met.

How to access super funds

Accessing your super is restricted until you meet what’s known as a ‘condition of release’, commonly retirement.

You can typically access your super funds when you reach your preservation age, which varies between 55 and 60 years, depending on your date of birth and when you retire.

Under certain conditions like severe financial hardship or terminal medical conditions, early access might be permitted.

Benefits of having a super fund

Superannuation is a tax-effective way to save for retirement. The earnings on super investments are taxed at a concessional rate of 15 per cent, lower than the typical marginal tax rates.

When you change employment, you may combine your super into a single account since superannuation is transferable. You can do this prevent having to pay several fees for various accounts.

Like any investment, your super fund is subject to market risk, meaning its value can fluctuate depending on market conditions. Some funds offer various risk levels ranging from conservative to aggressive.

With an ageing population and increasing life expectancy, there is an ongoing debate about the sustainability of the superannuation system. Regulatory changes, like increasing the super guarantee rate, are part of attempts to address these issues.

Conclusion

Understanding the Australian superannuation system can be a complex undertaking, but it is crucial for both financial planning and retirement.

By familiarising yourself with the basics, types of funds, and associated risks, you can make more informed decisions about your financial future.

 

This article is intended for informational purposes and should not be considered as financial advice.

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Perfect for those interested in saving for retirement." 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• Yes

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Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years.

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Around 50,000 member records were impacted by the breach that took place earlier this month.

" ["fulltext"]=> string(3036) "

Spirit Super has confirmed that 50,000 of its member records have been compromised following what the super fund described as a broad phishing attack campaign.

The member records date back to 2019 and 2020 and contain names, addresses, ages, emails, phone numbers, account numbers and balances.

However, according to the fund, the records do not include dates of birth, government identification numbers such as tax file numbers or driver’s licence details, or any bank account information.

The $26 billion industry super fund with 325,000 members said that members’ money remained safe following the incident and all those affected had been contacted.

“The breach was the result of an email phishing activity rather than a system error, regardless, we are taking all reasonable steps to prevent this from happening again,” Spirit Super said.

“Please be assured investigations to date indicate that accounts have not been compromised. We have increased the levels of security to ensure our members’ accounts remain safe. Our investigation will continue.”

Explaining the incident, Spirit Super said that an email account of one of its staff members was compromised on 19 May.

“In short, it was human error during a malicious email attack posing as official correspondence,” the fund said.

“This was not the result of a material security control weakness or technology failure. The malicious email resulted in a staff member's password being compromised.”

Despite employing multi-factor authentication in addition to usernames and passwords, the super fund said the additional layer of protection had been thwarted by the attacker.

“Phishing attacks such as this are becoming increasingly sophisticated and common,” said Spirit Super.

“We have a skilled internal team focused on cyber security and protecting your information. This team detected the compromised account and acted quickly to contain and limit the impact of the breach. No further accounts or systems were impacted.”

Spirit Super said that it did not believe the attack was targeted and it remained unclear whether the attacker was aware that they had access to the personal information.
Members have been told to remain vigilant to unsolicited emails, text messages or phone calls and to report any suspicious matters to the ACCC’s Scamwatch.

Those impacted by the breach have also been encouraged to not publicly share that their personal information may have been compromised to help avoid being targeted.

“Spirit Super takes your privacy and the security of our information and systems extremely seriously. Online threats are constantly evolving, and no organisation can completely mitigate these risks,” the fund said.

“We continue to invest in internal capability, technology, improved internal processes, and staff training to reduce the likelihood and severity of future data breach events.”

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Around 50,000 member records were impacted by the breach that took place earlier this month.

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KPMG has released the findings from a new review.

" ["fulltext"]=> string(2607) "

At least two Australian super funds could have over $1 trillion in assets by 2040, according to KPMG.

In its annual Super Insights review of the local sector, the firm has tipped AustralianSuper and Australian Retirement Trust (ART) – which have both quintupled in size from $200 billion since 2021 – as the two funds to first reach the trillion mark.

According to KPMG’s research, which used the latest data available from APRA and the ATO, the total value of funds grew from $2.4 trillion to $2.8 trillion from the 12 months to 30 June 2021.

However, a reported 5 per cent decrease came in member numbers (down to 20.8 from 22 million) which has been attributed to the first stage closure of eligible rollover funds and the impact of the superannuation early release payments.

Despite this, contribution levels increased by 13 per cent from members and 8 per cent from employers, with retail super funds having the biggest impact (44 per cent) followed by industry funds (19 per cent).

The average account balance across all funds (excluding SMSFs) was $93,165, ranging from an average of $75,397 in the industry fund sector to $226,714 across corporate funds. Meanwhile, the average net cashflow ratio of all funds surged from 1.13 per cent to 1.4 per cent and the number of funds in net outflow dipped from 50 out of 83 in 2019/20 to 38 out of 75 in 2020/21. 

KPMG National Sector Leader, Asset and Wealth Management, Linda Elkins, said the report highlights the need for the sector to shift its focus from the accumulation phase to the retirement system.

“The Your Future, Your Super legislation – in particular stapling and the Annual Performance Test - will continue to put pressure on a segment of the sector and result in further consolidation, while continuing funds need to look forward to meeting their current and future member needs,” Ms Elkins said.

“In the context of inflows which are no longer driven by default arrangements, retaining scale will be about attraction and retention of members. With around 20 percent of total member benefits now in the retirement phase, the requirements of the Retirement Incomes Covenant formalise the need for funds to develop strategies and products for members approaching and in retirement.

“These need to be delivered in the context of increased regulatory scrutiny and the overarching requirement to act in members’ best financial interests. To succeed, funds will need to increase their access to data for identification and analysis purposes.”

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• Yes

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KPMG has released the findings from a new review.

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string(0) "" } [4]=> object(stdClass)#8663 (33) { ["id"]=> int(4) ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> int(2351) ["ordering"]=> int(1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8282 (3) { ["data":protected]=> object(stdClass)#8280 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8281 (3) { ["data":protected]=> object(stdClass)#8309 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#8651 (33) { ["id"]=> int(6) ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) 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object(stdClass)#8316 (2) { ["options0"]=> object(stdClass)#8315 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#8317 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8312 (3) { ["data":protected]=> object(stdClass)#8320 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#8568 (33) { ["id"]=> int(5) ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> int(2351) ["ordering"]=> int(4) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8314 (3) { ["data":protected]=> object(stdClass)#8322 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" 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"Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#8671 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8321 (3) { ["data":protected]=> object(stdClass)#8326 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8323 (3) { ["data":protected]=> object(stdClass)#8328 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(77) "/retirement/superannuation/two-super-funds-tipped-to-reach-1-trillion-by-2040" ["image"]=> string(39) "images/superannuation-piggy-bank-NE.jpg" ["image_alt"]=> string(44) "Two super funds tipped to reach $1tn by 2040" } }