Business News Press Release

Australian technology boosts retirement incomes by more than a third

One of Australia’s most experienced banking and finance executives has developed world-leading technology that is set to significantly boost the performance of Australia’s superannuation industry.

Douglas Bucknell, Founder, and CEO of Tailored Superannuation Solutions (TTS) was the CEO of Anglican Investment Development Fund (AIDF), and Senior Policy Advisor for the three Commonwealth superannuation funds and APRA.

He has developed the world’s first ‘Smart Default’ fund that will result in significant increases to superannuation members’ retirement balances.

“This ‘Smart Default’ fund will make a huge impact on the quality of life for Australians entering retirement because it will boost their retirement balances by, on average, at least 35%.

“We’re able to do this by replacing the one-size-fits-all ‘balanced option’ and simple age-based life-cycling default design, with this ‘smart’ fund,” Mr. Bucknell said.

“The days of simply dumping all members in the same investment option for life should be over,” he said.

Last year, 13 super funds were found to have failed the Federal Government’s new performance test. Since then, the Australian Prudential Regulation Authority has released all the funds it assessed showing another seven, including some of Australia’s biggest MySuper funds only marginally passed the test.

“Superannuation trustees need to focus on improving retirement outcomes for their members – that’s what they’re paid to do.

“Our technology delivers on the Productivity Commission’s finding that well-designed life-cycle solutions are better than the single strategy, one-size-fits-all, approach,” he said.

The ‘Smart Default’ fund uses a SAAS (software-as-a-service) solution to automatically tailor the existing investment options of superannuation funds to a member’s own projected retirement outcomes.

“We improve the competitive performance of superannuation funds enabling them to exceed the Federal Government performance targets and deliver superior outcomes to their members,” Mr. Bucknell said.

TTS is Australian-owned and operated. It was established in 2016 and backed by some of Australia’s leading business and government figures.

This article was sourced from a media release sent by Medianet

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