'Lifestyle risk' biggest threat for super members
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.
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