More Retirees shift to SMSFs and starting pension payments

Retirement Planning income goals financial plans

Retirement Planning - SMSFs

More retirees are shifting their life pension savings into self-managed superannuation funds, in a grab for control that will drive corporate and industry funds to switch strategies to stop members fleeing. Statistics released by the Australian Taxation Office showed that around 30 per cent of SMSFs starting pension payments in 2010 were less than two years old. Institute of Chartered Accountants head of super Liz Westover said that the shift in the number of SMSFs commencing pensions in their first year of existence – nearly 14 per cent of plans – was interesting. “This may indicate a greater level of control sought by Australians when they retire and have more time to dedicate to managing their affairs,” she said. As the baby boomers surge into retirement, the pension phase of superannuation is providing opportunities for the $1.3 trillion industry.
17 April 2012 Katie Walsh, The Australian Financial Review, page 7

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