Business Daily Media

Men's Weekly

.

New ‘best practice’ principles for superannuation products are coming. We asked a panel of experts what should be included

  • Written by Matt Garrow, Editorial Web Developer
New ‘best practice’ principles for superannuation products are coming. We asked a panel of experts what should be included

We all know how important it is to save enough money for retirement – but what about spending it wisely when we get there?

Even for those who have built up a suitable nest egg, managing money well in retirement isn’t necessarily straightforward. Now, the federal government has said it wants to make it easier[1].

On Wednesday, Treasurer Jim Chalmers announced a broad package of reforms[2] to the retirement phase of the superannuation system.

Key aims include expanding access to reliable information, supporting more innovation in super products, and introducing a new reporting framework focused on retirement outcomes.

There’ll also be a new set of voluntary “best practice principles” for the industry, to help it design “modern, high quality” retirement products.

Next year, the government will consult on a draft version of these principles. The Conversation asked five experts what they thought the most important focus should be.

Read more: Chalmers targets reforms to superannuation products and transparency in the retirement phase[3]

References

  1. ^ make it easier (theconversation.com)
  2. ^ reforms (ministers.treasury.gov.au)
  3. ^ Chalmers targets reforms to superannuation products and transparency in the retirement phase (theconversation.com)

Authors: Matt Garrow, Editorial Web Developer

Read more https://theconversation.com/new-best-practice-principles-for-superannuation-products-are-coming-we-asked-a-panel-of-experts-what-should-be-included-244164

Digital Upgrade to Boost Efficiency Across Tasmanian Ports

TasPorts is undertaking a multimillion-dollar digital transformation that will improve efficiency, and enable smarter, more sustainable operations a...

Simplifying ecommerce integrations: How to streamline your setup without the stress

In today’s fast-moving retail world, having an ecommerce presence isn’t optional. Platforms like Shopify, WooCommerce, and Squarespace have lowered...

Shop Small Returns to Back the Small Businesses Supporting Local Communities

The annual Shop Small movement by American Express is returning for its 13th year in Australia to galvanise support for the country’s vibrant smal...

Introducing Commerce, the New Parent Brand of BigCommerce, Feedonomics and Makeswift, Powering an AI-Driven Future

Commerce’s open, intelligent ecosystem connects the tools and systems that drive growth and empower businesses to unlock data potential and deliver ...

How better billing can boost performance and profits in uncertain times

Optimising your revenue management function will help you put your business on stronger footing. The fact that economic conditions are tricky i...

Small-Business Cash-Flow Playbook 2025

An educational guide to managing ATO debt, real-time super and growth finance in Australia’s new landscape Why ATO debt just became the most expe...

Sell by LayBy