‘Super’ info centre to benefit all
A new independent centre, that may help people better understand their retirement incomes, could benefit Australians in their later years. The Superannuation Consumer Centre can help many Australians have a better understanding of what their retirement will look like.
A new independent centre, that may help people better understand their retirement incomes, could benefit Australians in their later years.
The Superannuation Consumer Centre can help many Australians have a better understanding of what their retirement will look like, and the income they will have when they finish work.
COTA chief executive, Ian Yates, says the centre will ensure consumer interests are “always at the forefront” of super funds planning.
“There is a real lack of understanding of the superannuation industry among Australians of all ages,” he says.
According to Mr Yates, superannuation is a complex system and many Australians may feel “short changed” when they find their retirement funds are not adequate to support them for the rest of their lives.
“Any initiative that helps Australians be smarter about their retirement finances and funds be more responsive to all consumers’ needs is welcomed.”
Many Australians only realise that their retirement funds are inadequate after they reach retirement age and they receive their money in a lump sum.
For many, this lump sum is the largest amount of money they ever receive in one payment, and they need sound strategic advice on how to use and invest it properly in order to have enough to survive into the future, according to COTA Australia.
Mr Yates added the federal government’s $10 million commitment towards improving consumer protection is dependent on matching funds from the industry to ensure the long term maintenance of the centre at a viable level of operation.
“We urge the private sector to also invest in this consumer centre that will help the industry improve its operations by focusing on the best interests of all Australians as they grow older.”
