Super to take a back step to voluntary savings
Regulatory risks will see superannuation take a back step to voluntary savings in the year ahead, according to ING national technical manager Graeme Colley.
Due to a lack of confidence in superannuation people are likely to have a greater reliance on voluntary savings until they are close to retirement age, at which point they’ll revert to superannuation, Colley said.
They are of the view that the “Government is still mucking around with super”.
“You mention super and a number of people will say, 'Well I can’t trust it like I used to'," he said.
Colley agrees that while people are certainly interested in superannuation as a tax effective strategy, they are a bit “gun shy”.
However, he believes there will be a return to confidence once the Henry and Cooper reviews have been bedded down.
He said he hopes the Cooper review will “settle down the administration of superannuation funds and put some good models in place”.
Recommended for you
Prime Minister Anthony Albanese has confirmed who will succeed Stephen Jones to serve as the Assistant Treasurer and Financial Services Minister.
Those financial advice practices which are seeing the strongest profitability and revenue growth share four similar characteristics in how they run their businesses.
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Private wealth manager LGT Crestone has shared how the firm is utilising private debt strategies via a satellite approach and encouraged advisers to look beyond domestic commercial real estate.
