Some people looking into taking up RG 146 courses
to qualify as a financial adviser consider specializing in superannuation. In
Australia, superannuation refers to the retirement funds people get from the
government based on the compulsory provisions their employers have paid for, on
behalf of them, prior to their retirement.
Although there were existing superannuation
arrangements prior to 1992, it was Paul Keating's Labor government which made
the Superannuation Guarantee system compulsory. It was put forward as a way of
coping with a major rise in the aging population over the coming decades, which
will put a strain on the national economy if the current pension system is not
reformed.
Although the succeeding administration of John
Howard did nothing to increase the rate of superannuation to 15%, the total
amount of superannuation assets as of 2011 amounts to $1.28 trillion, making
Australia the biggest investor in managed funds per capita. Access to one's
fund prior to retirement, however, is very strict. Except for severe financial
hardship and expensive medical treatments covered by Medicare, preserved
benefits are not accessible to workers until they reach a 'preservation age'.
Preservation age varies on a person's date of
birth, as the age of retirement is expected to move up as more people retain
their fitness to work for a longer period. People born before July 1, 1960
reach preservation age when they turn 55, while those born after 30 June 1964
are expected to retire when they're 60.
0 comments:
Post a Comment