Australian distributors upgrade structuring capabilities
Distributors in Australia are upgrading their IT systems and risk management capabilities to create wrap platforms able to sell more features into the Australian pensions and insurance market. They are turning to external providers to help hedge their market risks as well as to provide white-labelled infrastructure.
The ‘superannuation guarantee’, introduced by the Keating administration in 1992 with the aim to ensure retirees have sufficient retirement income, has transformed the Australian pension market. It is now the fourth largest in the world behind the US, Japan and the UK, according to Towers Watson’s Global Pension Asset Study 2011. The report found Australians held 4.8% of all pension assets globally with $1.26 trillion in assets under management in 2010 – representing 103% of Australian gross
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