SG raise to 12 per cent too slow

The Government’s proposed phased increase in the superannuation guarantee (SG) to 12 per cent by 2019 is too slow, according to respondents in an Investment Trends survey.

Three-quarters of almost 1,000 super fund members and retirees surveyed aged between their 40s and 80s supported the increase, according to Investment Trends chief operating officer Tim Cobb (pictured).

More than half of respondents believed the increase should be completed faster than the proposed 2019 finish date, he said.

Support for the increase was strong across both industry and retail fund members, and among retirees, with more than half of respondents saying the change would have made a significant difference to their retirement if it had happened earlier, according to the 2010 Investment Trends Retirement Incomes Report.

“There is clearly a consensus for change. Those who are close to retirement or already retired know that the increase will be too late to make a difference for them.  They are facing the realities of retirement with often inadequate super but still support an increase so that those retiring in future will be better off,” Cobb said.

The research also shows that if Australians could start their working life again they would put more into their super, starting earlier, the report found.