Submitted by Anonymous on
Anyone have knowledge of the Australian annuity market? Specifically, what is the superannuation program and how does it impact the private annuity market?
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tom replied on Permalink
Superannuation
Some info in a recent article here:
http://www.theaustralian.com.au/business/industry-sectors/challenger-thriving-on-annuity-sweet-spot/story-e6frg96f-1226016750683
Anonymous replied on Permalink
Annuities in Australia
Another piece on the Australian annuity market that is actually very good:
http://www.theaustralian.com.au/business/wealth/annuities-back-by-popula...
I think that superannuation is Australia's compulsory pension program that is run by the government but consists of contributions from both government and individuals (not sure about employer contributions).
Seems that the accrued pension assets may be distributed as a lump sum (like a 401k) at retirement age rather than come in the form of annuity income like Social Security in the United States.