AUSTRALIA - Almost half of Australians believe that superannuation is too complicated to understand properly, according to a report from the Australia Institute.
Around a quarter of survey respondents (23%) said they were not confident in their long-term financial future; and women, young people, people on lower incomes and people with less formal education were less likely to be confident in their financial future.
Institute research fellow Josh Fear, who authored the report, said: "In the realm of personal finances, people are often presented with choices that they would prefer not to make, or would prefer someone else to make on their behalf."
The report recommended that governments provide consumers with simple, independent information to compare superannuation and investment products; and make financial advice more widely available to people who do not wish to use a commercial financial adviser.
It also said governments should invest in basic literacy and numeracy; and focus on the needs of groups who tend to struggle with financial decisions.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.