Daryl Dixon, one of Australia’s foremost investment and superannuation experts and well-known writer and consultant, lifts the lid on issues that have concerned him for the past two years in this frank look at the UniSuper Defined Benefit (DBD) fund.
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Daryl argues that the fund, the default super fund for all new full-time university employees, is putting members’ retirement benefits at risk by failing to provide a guarantee to pay promised benefits. He also shows how the UniSuper DBD favours older employees.
Ahead of changes to be implemented from 1 January 2015, which will result in a significant reduction in the accrual of benefits, Daryl considers a number of options for UniSuper DBD members including:
whether to leave (if they are in a position to do so)
reducing personal member contributions or not contributing at all
reducing working hours if they are over the age of 55
whether to start a non-commutable lifetime pension.
Complete with case studies and calculations never before made public, this is a must-read book for every DBD