Superannuation in Australia

The concept of superannuation was introduced through the Superannuation Guarantee (SG) with the idea of managing, accumulating and growing assets of members so that once retirement arrives they can enjoy a higher standard of living without concern for a shortage of income when retirement occurs, they arrive in the form of pension, lump sums or both. It is further explained by Dawkins (1992) that our current retirement income system was weak and that there was a need to strengthen Australia’s national

employee joins your company, he or she may nominate their preferred super fund. If it complies with superannuation law, and the employee has given you all the appropriate information, then you must pay the necessary super contributions into that fund. Likewise, an existing employee can notify you of their nominated super fund at any time. CPS supports the proposed primary objective of superannuation being able to provide income for retirement to substitute. Enshrining this objective in legislation

superannuation’s are steps forward in trying to provide adequate standard of livings through privatisation. There are conflicting views over such policies as not everyone has benefited. Australia will always have some level of unfairness between our social sectors, however the main benefiters of the superannuation guarantee and the age entitlement to access pensions seems to be the already well-off sectors. Perhaps a way to avoid this is to increase

Introduction A pension fund, also known as a superannuation fund or super fund is any plan, fund, or scheme which provides retirement income. A pension fund is established by a company, governmental institution or labour union to pay for the (future) pension benefits of retired workers. Superannuation funds collect retirement savings from workers and their employers, and invest this money in a wide range of assets. Because pension funds manage the money of up to millions of individuals, they are

Life cycle stage4 2.6. Types of funds5 3. Superannuation Fund Industry (SFI)6 3.1. Appointing fund and company-allocation6 3.2. Company: investment options6 4. Performance and Fund Comparison7 4.1. Performance7 4.2. Fund comparison9 5. Conclusion10 6. References11 Introduction 1.1 Purpose The purpose of this report is to analyse the superannuation fund industry and how hypothetical fund of $100,000 will be allocated to a specific superannuation company. 1.2 Background Information

were some major issues in Australia that motivated the superannuation development. During the time, some values and beliefs were identified through the government’s decision making. The establishment of Superannuation Guarantee was a major step in Australian superannuation. There were some key issues and concerns before it happened in 1992, and these issues were the driver of superannuation establishment. Firstly, the increase of aging population was a major issue in Australia; therefore, people believed

GDP. The Australian Economy is the 4th largest in the Asia-Pacific with the sophisticated finance and insurance contributing 10.8% (A$118 billion) to the GDP. 17 out of the Top 20 Global Investment Managing firms have an established presence in Australia

Diploma of Financial Services (FP) Case Study It is November, 2010. You are an authorised representative of a full-service licensed dealer group, Azza Financial Services Pty Ltd. Allison and Simon Callahan have come in to see you to ask for your assistance to plan out their next five years and then help them settle into retirement. Allison (aged 54) and Simon (aged 52) have been married for 29 years and live at Lot 3 Wattle Road, Hurstbridge, Vic. Their only child

Options for Retirement The majority of people age 65 or older in the United States are still working in full time positions. This opens the question if they planned for retirement, or what if anything went wrong while working? How do they feel about still having to work? Have they taken proper steps in preparing for retirement? Are they only working to pass time? These are the questions that everyone should be asking themselves about their own retirement plans, and what they have done to financially

Estate planning is an issue that affects all individuals. When looking at estate planning the concepts of superannuation, trusts and wills become of great importance. Depending on the individuals circumstances one estate plan may be more beneficial than another when taking into consideration their personal changing circumstances as well as their intended beneficiaries. Correspondingly a concern can lie with an individual 's net worth, individuals of a higher net worth may require a more stringent