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ABC最近调查研究发现，在过去十几年，澳洲退休储蓄——SUPER（Superannuation）只有3%的回报，比存入银行现金的回报低约50%。比同期的平均通胀率2.8%略好一点。这表明扣除物价因素后，整个退休储蓄实质上没有增长。
ABC分析了澳洲审慎监管局（APRA）自1997年以来的退休金资产及存款流水账的官方统计数据，在至2009年中的13年中，退休金系统产生的年复利回报为3.04%。
悉尼大学职场研究中心的经济学家拉弗蒂（Mike Rafferty）说：“3%的回报，不仅对人们的退休金来说是个很糟的结果，也绝对是个经济歪曲，因为那笔钱完全可以利用得更好。”
整个退休金系统的回报，甚至比把这笔钱投资到澳洲银行的定期存款、或政府的长期债券多赚的钱要少得多。在痛一时期，银行的现金定期存款年平均利率为大约4.5%; 澳洲政府的10年债券的平均回报是5.75%。
澳广的分析显示，自1997年以来，虽然退休金系统总的资产几乎增了4倍，但是绝大部份的增长都是来自储蓄者们的净存入，而不是再生的钱。拉弗蒂说，这是一个极其低效的提供退休保障的方法，也是一个极其低效的存钱方式。
整个退休金系统的回报被其高费用拉低。一些投资计划表现差强人意，造成数千万损失；尽管许多人不再往帐号里存钱，他们已存的款额却继续被年费所消耗。
退休金分析公司SuperRatings的总经理布莱斯纳罕（Jeff Bresnahan）说：“这是一个1.2万亿的工业，但每年却从中要花掉有大约170亿的费用。简而言之，就是每天都要从退休金的账号中拿出4700万到4800万来支付投资管理人员的花费。”
Retirement savings going backwards
By economics correspondent Stephen Long
Australians' retirement savings have delivered a net return of just 3 per cent a year over more than a decade, an investigation by the ABC has found.
That is barely ahead of inflation which averaged 2.8 per cent over that period and 3.1 per cent over the past 10 years - implying that, system-wide, retirement savings have achieved virtually no growth in real terms.
"It's not just bad for people's pensions," said Dr Mike Rafferty, an economist from the Workplace Research Centre at the University of Sydney.
"At a 3 per cent return it's an absolute economic travesty, because that money could be put to much better use."
The ABC has analysed official statistics from the Australian Prudential Regulation Authority (APRA) on superannuation assets and contribution flows that go back as far as 1997.
In the 13 years to mid-2009, the superannuation system delivered an annual compound return of 3.04 per cent.
The system-wide returns are significantly less than the money could have earned had it been placed in effectively risk-free investment vehicles such as Australian bank term deposits or Australian government long-term bonds.
Cash in a bank term deposit would have delivered about 4.5 per cent a year on average over that time.
Ten-year Australian government bonds would have delivered an average return of 5.75 per cent.
The extremely poor returns on workers' money garnished under the superannuation guarantee charge raises serious questions about superannuation's efficacy as a vehicle for retirement savings.
The ABC's analysis shows that although the total assets in the superannuation system have almost quadrupled since 1997, the vast bulk of the growth has merely come from net contributions - workers' money going into the system - not the money making money.
"As an economist I think I would say it's a scandalously inefficient way of delivering retirement security," Dr Rafferty said, adding "and it's also a scandalously inefficient way of saving money at all".
Returns on the major balanced super funds (with a mix of Australian and overseas shares, property, bonds and cash) have delivered an average return of about 4.5 per cent over the past decade, according to credible superannuation analysts such as SuperRatings and Chant West.
In practice, that translates into a median return barely ahead of inflation for so-called retail funds run for profit which tend to charge higher fees.
Returns have been significantly higher for industry, corporate and public sector superannuation funds not run for profit and with lower fees.
But the returns on so-called major balanced funds - low as they are - mask the far poorer performance for the superannuation system as a whole.
The system-wide returns are dragged down by funds with very high fee structures, poorly performing schemes and tens of millions of lost or inactive accounts that no longer attract contributions that continue to have their balances eroded by annual fees.
Volatile markets and a perfect storm of financial crises have brought down the returns on superannuation.
The period in question was bookended by the Asian financial crisis and the global financial crisis and punctuated by the tech wreck of 2000 and the market ructions in 2002-03 from the accounting scandals at Enron and WorldCom.
But market volatility cannot be entirely blamed for the poor returns - someone investing their money in Australian equities over this time would have achieved an annual return more than double inflation at 6.6 per cent.
The returns have also been eroded by a sizeable slice of fees taken from superannuation all the way along the line.
"It's a $1.2 trillion industry and out of that there is about $17 billion in fees that are stripped out of it every year," said Jeff Bresnahan, managing director of SuperRatings.
"Quite simply, $47 million, $48 million a day coming out of our superannuation accounts to pay suppliers for managing that money."
[ 本帖最后由 flame21 于 2010-8-6 14:52 编辑 ] |
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发表于 2010-8-6 15:33
标题很好
发表于 2010-8-6 15:36
