Australian DC pensions: at-retirement market
The UK defined contribution (DC) pension market is well behind its Australian counterpart in many aspects. In a new series of blogs, we highlight the advancements the Australian DC pension market has made, and what this could mean for the UK in the future. In part two, we focus on Australia’s ‘Retirement Income Covenant’.
Consolidation of pension funds as they accumulate member assets has largely been a success in Australia, but challenges have arisen in the at-retirement phase that can lead to poor outcomes for savers.
As the UK industry draws closer to recognising and working towards the consolidation solutions that help achieve better outcomes, we will keep an eye on the developments on in-retirement options in Australia. Maybe pension leaders from both countries can work together to create something that could benefit members on both sides of the world.
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