8 May 2025
More and more Australians are becoming retirees in 2020, 1.6 million people aged 65 and over were receiving income from their super. This number is expected to grow to 2.5 million in this decade1.
Member feedback tells us that the retirement system is complex and often confusing. We’re working to fix this. As Australia’s largest super fund2, we’re playing a big part in building a system that works better for all approaching retirement now, as well as those entering retirement down the track.
Recommendations to Treasury
We’re advocating to the government and other policy makers to deliver improvements to the retirement system. You may have heard about our proposal to Treasury, in the media. Here’s a summary of what we’ve recommended and their potential benefits.
- An ‘account for life’ combining accumulation (saving) and retirement (spending) accounts into a single account. This means members will be able to quickly and easily move their super savings from their working years into an account based pension product like Choice Income – without the need for complex processes and paperwork.
- An ‘account for life’ would also make it possible for members over preservation age to draw an income while still being able to contribute to the same superannuation account, for example if they choose to work.
- The transition from work to retirement is no longer an ‘off and on’ transition. Sometimes people return to work after retiring because they need additional income. AustralianSuper’s research also identified a growing theme of working around life – that is, people increasingly finding work as a fulfilling part of their life which they want to continue for longer in their later years.
- Allow super funds to help members apply for the Government age pension. Where members are eligible, delaying their application for the age pension can cost them money. It may also mean they eat into savings or superannuation that could otherwise support their retirement.
- Changes to allow super funds to provide more support, advice and guidance. This means that you’ll be able to get the help and access the advice you need from AustralianSuper - to confidently make decisions about your investment options and retirement plans and spending the savings you have worked so hard for.
Learn more
At AustralianSuper we believe in a fair and simple superannuation system for all Australians. This is what’s driving our work with government and regulators, like the Australian Prudential Regulation Authority (APRA), and the Australian Tax Office (ATO), as well as industry associations, like the Super Members Council and the Association of Superannuation Funds of Australia.
References:
- Source: Treasury.gov.au Retirement phase of superannuation Discussion paper December 2023.
- APRA Quarterly Superannuation Fund Level Statistics December 2024. Published 11 March 2025.
- The views expressed are those of the member based on their particular circumstances, reproduced with their continuing consent.
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.