Flexible access to funds 4 Five pathways to retirement solutions Self-direction Adviser direction Trustee direction Pathway Member choice Personal financial advice Trustee Trustee recommendation assignment Default Member chooses Member is directed to a solution Trustee recommends a Member requests Trustee defaults Main solution, drawing by a financial adviser through: solution to member, trustee t. [...] Assist me to choose a suitable retirement income • Trustee direction is the missing link: solution for me 50% – About 70% of members not taking Recommend a retirement income solution for me 21% advice and don’t want to choose Leave it to me to choose a suitable retirement income solution for me 20% – Some want and expect their fund Refer me to a financial adviser to advise me (for a fee) to look a. [...] Trustee attempts to triage engage, and is in accumulation and (1) Please assign (2) Recommend a (3) Please refer me to (4) I wish to choose likely to be retired me to a retirement solution retirement solution to me a financial planner a retirement Please choose one of the following options: solution for myself Trustee 1. [...] I want to choose a retirement solution for myself ○ Trustee engages with member over prospect of Trustee gathers member information to Trustee offers to make Trustee offers being defaulted identify member cohort and suitable solution a referral decision support 2. [...] Solution identified (possibly cohort- Trustee assigns member Trustee places Trustee recommends Adviser determines Member chooses a to basic solution member in solution solution to member, and scope of advice, solution, potentially informs of alternatives based); offered with opt-outOpportunity to opt-out is Opportunity to opt- collects personal drawing on decision also provided out is also provide.
- Pages
- 10
- Published in
- Australia
