Super system needs to optimise retirement income and make retirement easy

Thursday, 30 June 2022
 

Aware Super has welcomed the resetting of the superannuation system’s focus, with funds across Australia required by tomorrow to publish their retirement income strategies for the first time.

Head of Retirement, Jacki Ellis, said the new requirement was an important moment for Australians to reconnect with their super.

“Many Australians today are only drawing down on their super at the minimum rate, and often don’t know that they could afford a higher retirement income and enjoy a higher quality of life in retirement as a result,” said Ms Ellis.

“Super funds need to make retirement easy and optimise members’ retirement income so they can live their best life in the years after work – and have confidence that they will have an income for the rest of their life.” 

Aware Super’s Retirement Strategy is simplified into three key pillars: Innovative Retirement Solutions to help our members regularly withdraw their super as income; Affordable & Accessible Help for members making decisions about their super; and Simple & Personalised Experiences to make interacting with your super as easy and straightforward as it can be, so you can do what you want to do, when you want to do it.

“When we talk about maximising members’ income in retirement, we need to recognise that as it stands today, around 70 per cent of our members will still rely on the Government Age Pension to some extent,” said Ms Ellis. 

“For many years the super system has focused on the importance of accumulation – that stage where we’re making contributions and earning investment returns during our working lives.

“While that’s important, it is all just a means to an end. The ultimate goal was always to provide hardworking Australians with the greatest possible income stream to fund their retirement.

“Our research shows that the choices members make about their super can have an even greater impact on their retirement income than investment performance, and this is why we’re so committed to ensuring the right financial help and advice is available to members, at the right time, and in a way that’s affordable and appropriate to each member’s individual circumstances.”

A summary of the Aware Super Retirement Strategy can be found here.

Note to Editors

Previously known as First State Super, we changed our name to Aware Super in September 2020.

Aware Super is a name that reflects our members and what we stand for. It echoes the strengths of our past, aligning to our purpose to be a force for good in superannuation, retirement, and advice, driving better outcomes for our members, their families, and communities. 

Aware Super has been the fund for people who value community since 1992, and we’re now one of Australia’s largest funds and continuing to grow. We merged with VicSuper and WA Super in 2020 and now manage $155 billion in savings for more than 1 million members located across the country.

Our members work in roles that breathe life into their communities and they expect us to do the same. So, we invest in assets that we believe will make a positive difference today – improving our communities, building a more a sustainable economy and supporting employment both locally and globally at the same time as providing strong long-term returns. 

Discover how we’re helping members do well financially while doing good in the world: Visit aware.com.au.