FSC calls for simple super objective

30 September 2022
| By Laura Dew |
expand image

The Financial Services Council (FSC) has called for the Government to recognise superannuation with a clear and simple objective.

This would help to set the benchmark for measuring future reform and protect the system from unnecessary tinkering, it said.

It would also provide the basis for reforms such as paying super on paid parental leave, which had been pitched by organisations such as the Australian Institute of Superannuation Trustees (AIST).

Finally, it would give consumers greater confidence about their retirement decisions

Blake Briggs, chief executive of the FSC, said: “The FSC, like our counterparts at other associations, supports the simple objective that focuses on the goal of providing a comfortable standard of living for Australians, that supplements or substitutes the Age Pension.

“Superannuation should have a singular focus on the needs of consumers, not whims of politicians or the industry itself. An objective will help make this clear.

“Once the purpose of the system is enshrined then other reforms will naturally flow.”

The organisation welcomed the Treasurer Jim Chalmers confirming it would be one of his priorities during the Albanese Government.




Read more about:


Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you


Stay up to date with Australia’s top news and information source for the wealth management industry


sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Chris Cornish

"Past performance is no guarantee of future results" is something ASIC are always keen to say. Yet when it comes to th...

11 hours ago
Stewart Gibson

Wow, distrust in the Government. Who would have thought that people would distrust that merry band of incompetents that ...

1 day 13 hours ago
One foot out the door

“The advice satisfaction has moved up, and that’s about rebuilding trust, delivering on what we say we will do and not m...

6 days 16 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

7 months 2 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

7 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

7 months 2 weeks ago