Labor is retreating from a plan to push superannuation funds to boost how quickly retirees draw down on their savings, walking back several principles it had secretly circulated to the industry’s biggest players.
The Albanese government has been working on the changes to the system – which manages more than $4.2 trillion in retirement savings – as it prepares for a jump in the number of people leaving work and relying on their superannuation, ending in more outflows than inflows for the first time.
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