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New ‘best practice’ principles for superannuation products are coming. We asked a panel of experts what should be included [1]

['Matt Garrow', 'Matthew Hall', 'Di Johnson', 'Geoff Warren', 'Helen Hodgson', 'Jeannie Marie Paterson', 'Natalie Peng']

Date: 2024-11-21 04:50:22+00:00

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.

On Wednesday, Treasurer Jim Chalmers announced a broad package of reforms 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

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

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