Boost for Australians navigating the ‘retirement risk zone’
CHOICE has welcomed the Federal Government’s announcement today of $10 million in seed funding for Superannuation Consumer Centre.
The Centre was first proposed by CHOICE to the 2009-10 ‘Cooper’ Super System Review to provide critical support for Australians navigating the complex retirement income system.
“Today’s announcement will provide much-needed assistance for consumers especially those in the ‘retirement risk zone’,” says CHOICE chair Jenni Mack.
“We commend Minister Shorten for recognising the importance of advocacy whether for disadvantaged groups – people with disabilities, young people, women – or for consumers generally,” says Ms Mack.
CHOICE has convened a committee of prominent individuals including Allan Moss AO, Steve Bracks AC and former ASIC Chairman Tony D’Aloisio AM to help establish the Centre, and has enlisted the assistance of a range of pro bono partners including Oliver Wyman and Mercer.
CHOICE hopes the Superannuation Consumer Centre will:
• Advocate for consumers’ interests in the retirement income system;
• Provide information to consumers about new products on the market including warnings where appropriate;
• Directly help consumers with some superannuation problems; and
• Build an interactive web hub where superannuation consumers can talk to each other, sharing advice and experiences, and also receive expert advice.
The CHOICE-led committee will work with industry to raise matching funds and together will submit a comprehensive proposal to the Government for the Centre. The committee has developed a draft three-year plan which includes:
• Providing information to consumers about fees and value;
• Working with the industry to develop good default products for the retirement phase;
• Working on issues in the retirement risk zone (the five years leading up to retirement and the five years after retirement); and
• Helping consumers avoid scams, fraud and dodgy products and advice.
Media contact: Jenni Mack, CHOICE Chair – 0429 300 458