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Superannuation funds may need to shift their focus from longevity risk to ‘lifestyle risk’ under the government’s proposed objective for the superannuation system, Milliman has said.
The proposed objective – “to provide income in retirement to substitute or supplement the age pension” – emphasises the role of the age pension by implying superannuation is “not the sole key to retirement”, said Milliman principal Wade Matterson.
Read the full story at InvestorDaily.