Apart from the astonishing revelations of bribery and corruption from day one of the hearings, the Royal Commission claimed the scalps of superannuation giants including AMP, famously caught for knowingly charging the deceased for life insurance that could never be collected.
The fallout in the banking and superannuation industry has been big.
Part of the government’s response was the Your Super, Your Future reforms in the 2020–2021 budget. While people are divided on the result, all agreed that reform itself was way overdue.
Superannuation funds manage massive portfolios of collective assets and investments. They are driven by the compulsory superannuation scheme introduced by the Keating-led Labor government in the 1990s.
Australians are noticing their pay levels have fallen after compulsory employer superannuation contributions were increased to 10 per cent.
For the first time ever, super is in the double digits, following a rise from 9.5 per cent on July 1.
Superannuation is increasing by half a percentage point at the start of each financial year until it reaches 12 per cent by July 2025.
This month s latest increase has seen 13 per cent of workers report seeing a drop in their take-home pay, a survey of 838 Australians in work by CoreData Research found.
Australians are noticing their pay levels have fallen after compulsory employer superannuation contributions were increased to 10 per cent. This month s latest increase has seen 13 per cent of workers report seeing a drop in their take-home pay, a survey of 838 Australians (pictured is a stock image) in work by CoreData Research found
Jul 20 2021
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Why Focus On Equities For Retirement Income
Martin Currie Australia argues that a focus on equity-based investment solutions that solve a client’s income needs is more important than ever in a post covid world.
-Retirees requiring a reliable income stream to focus on the actual dollar income generated over time
-Retirement products need to be built with the characteristics of “sufficient income for life”
Dwyer had over 30 years of experience in the financial services industry, including as chief executive officer of First State Super between 2004 and 2018.
He was made a member of the Order of Australia in 2011 for service to the superannuation industry through leadership and executive roles, and to the community as a director of Australia for the United Nations High Commissioner for Refugees (UNHCR).
Dwyer held a number of other directorships, including chair of NSW TCorp, director of Iress, and chair of Australia for UNHCR.
He was also a member of the Australian Securities and Investments Commission (ASIC) Consultative Panel and a member of the Global Advisory Council for Tobacco Free Portfolios, as well as a fellow of the Australian Institute of Company Directors (AICD) and a fellow of the Association of Superannuation Funds of Australia (ASFA).
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