FPA gets behind income stream law
TheFinancial Planning Association(FPA) has lent its support to improvements made to complying income streams legislation.
FPA chief Ken Breakspear says proposed changes to the Social Security Act which allow people with complying income streams to access their capital in emergency situations is a step in the right direction to improve the retirement income stream regime.
But he says that more changes are required to assist retirees attain acceptable conditions for retirement. The Federal Government, says Breakspear, should be exploring the introduction of a market-linked compliant income stream product.
The FPA says recent research shows that a market-linked account based style of complying pension for both social security and reasonable benefit limits (RBL) could have the potential to increase returns of the capital base of the income stream over in the long term.
This would be consistent with the Government’s policy objective of self-sufficient retirement incomes and would have a positive impact on the Government’s fiscal position, Breakspear argues.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
