Retirement Reality: Advice and the Age Pension Whitepaper

16 August 2022 / Link Group

Link Group RSS is proud to launch a Link Advice whitepaper Retirement Reality: Advice and the Age Pension investigating the retirement experience with Future and Existing Age Pension retirees.

With new trustee obligations, thanks to the now passed Retirement Income Covenant, super funds must reset the way they assist people to and through retirement.

One challenge in delivering on these requirements is in the provision of financial guidance and advice, which has always been a precarious area for funds to navigate. Additionally, funds are seeking to improve the overall retirement experience to grow and retain members.

We believe there is a clear opportunity to intertwine retirement guidance with Age Pension support.

Conducted with research partner Retirement Essentials, we surveyed Australians who will soon become eligible or have already applied for the Age Pension. We were eager to find out their attitudes around the existing retirement experience and what funds should keep in mind when building solutions that meet their needs and preferences, more specifically around the Age Pension.

Key highlights:

• 30% of respondents who have the Age Pension reported low confidence when applying for the Age Pension
• 1 in 3 respondents who have the Age Pension delayed their application by over one year
• 70% of all those surveyed want more Age Pension and retirement support from their super fund
• #1 channel for Age Pension support: Phone & Online tools

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