Challenger warns against 'state-led solutions' for super in retirement
Australia's largest annuities provider has warned against moves to impose requirements on super funds to provide protections for members in retirement.
Australia’s largest annuity provider Challenger has warned the government against any moves to force superannuation funds to offer their retiree members protections to ensure they do not run out of money, declaring competition and innovation are key to long-term financial security.
Amid fresh industry speculation that the government is gearing up to impose new requirements on super funds and retiree members, Challenger chief executive Nick Hamilton told Capital Brief that the right regulatory capital settings along with accessible and affordable financial advice were needed instead of "state-led solutions".
“The super system is world-class, but we risk failing retirees if we don’t focus on helping them draw down their savings with confidence,” Hamilton said.
“Rather than state-led solutions, the focus should be on enabling competition and innovation, unlocking capital for investment, and ensuring retirees have access to a broad range of lifetime income solutions. That’s how we provide more Australians with financial security in retirement.”
