A Study on the Australian Third Pillar Voluntary Superannuation System and Its Investment Management Model
The Australian superannuation system consists of both the compulsory superannua-tion guarantee and voluntary superannuation schemes,aiming to encourage individuals to accu-mulate sufficient retirement savings,thus providing additional pension benefits beyond basic retirement pensions.Funds from both the compulsory superannuation guarantee and voluntary su-perannuation schemes are deposited into superannuation accounts,managed through a trustee system for market-based investment operations.Superannuation funds invest in a wide range of investment products in domestic and international markets,and the investment modes include smart default,pre-mixed,DIY mixed and member direct model.The system is subject to strict supervision by the Australian Prudential Regulation Authority,the Australian Taxation Office,and the Australian Securities and Investments Commission.The Australian superannuation system offers valuable insights for the development of China's individual pension system,including the integration of compulsory and voluntary elements,diversified investment choices,incentives for voluntary savings,and enhanced supervision and transparency.
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