Yet another review of superannuation

Superannuation and retirement incomes will be subject to another review. Jeremy Cooper, a deputy chair of ASIC, will conduct the review.

Issues for scrutiny include the age at which people may tap into retirement savings. At present this is 55, but the pension age will rise to 67 from 65 over the next decade.

Another aim is to secure lower fees from managing superannuation investment that at present average 1.25 per cent.

The selection of default funds – usually industry funds – within industrial awards will also be reviewed.

Other members of the panel are former CBUS chair Sandy Grant, former Lazard executive Brian Wilson, former AMP executive Greg Evans and Treasury official David Gruen.

Source: The Australian Financial Review