Jul12
"We don't have a pension system. We have a lump sum payment system." Nick Sherry
"A lump sum payment system is hardwired into us in Australia. People like lump sums." Jeremy Cooper, Challenger
In a conference address at the University of New South Wales, Australia's first Minister for Superannuation, former Senator Nick Sherry, discussed the major challenges facing Australia's defined contribution superannuation system.
According to Nick Sherry, the critical challenges at the moment are volatility, risk and long term performance.
"Super is long term. Members should focus on the rate of return over 20 years, not annually. The focus of reporting to members should be on long term rates of return," Nick Sherry said.