About

Australia’s pension fund manager ups pensions login to $4,400 per annum

Australia’s pensions fund manager is planning to launch an online login system to help its employees save for retirement.ABS Investment Manager Rob Gorman said the system will offer a range of options to those wanting to buy a pension or contribute to it, including an automated savings account.

“It’s just a great thing for our employees to be able to save,” Mr Gorman told the ABC’s AM program.

“I don’t think anyone will have any trouble whatsoever, it’s just going to be a really simple thing for them to do.”

Mr Gorman is the chief executive of the fund.

It has been estimated the fund currently manages $4.6 billion in assets and employs around 400 people across the nation.

The plan was first revealed by The Australian Financial Review earlier this month.

Mr Gormans pension plan has an annual funding cap of $4 million and its retirement age is 62.

MrGorman said he hoped to have the system in place by the end of the year.

“The first phase is the login, that’s the login that we have now, and we’re still in the initial phase,” he said.

“We’ve been able to get it down to the level that’s going to make people feel good about the savings that they are making and I think that’s what’s going with the uptake so far.”

The Australian Capital Territory is the largest state to offer pension contributions, with the Queensland Government having the highest at $1,150 per year per person.

The Government announced in June it would increase the maximum amount that employers could contribute to their employees’ pension plans from $50 to $1.5 million, with some exceptions.

Topics:workers,workers-and-leaders,work,pensions,workers,government-and.govt-and_government-policy,national-security,federal-government,education,people,social-policy-and–work,workersource,national,capital-terrace-3350First posted September 09, 2019 06:18:46Contact Ian MeagherMore stories from New South Wales