SMSFs neglected in review of super: Murden

SMSF/government/SMSFs/director/

16 June 2009
| By Benjamin Levy |
image
image image
expand image

Martin Murden, director of Partners Superannuation Services, has questioned why the Government review of superannuation does not have any representatives from the self-managed super fund (SMSF) sector.

SMSF retirees will suffer hardest from the changes to the super, Murden said.

“While all superannuants will be negatively impacted by the changes, it is those looking to be self-funded retirees, particularly people in their late 40s and early 50s, who will be hardest hit,” he said.

Most SMSF retirees delay preparing for retirement until they reach their 50s. Halving the concessional contribution caps would affect their ability to maximise their super, and the Government should instead be encouraging more people to become SMSF retirees to reduce the impact on the public purse, he said.

The former Minister for Superannuation, Nick Sherry, was criticised for failing to provide an appropriate balance of retail master trust and industry fund representatives on the committee named to oversee the review.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

4 weeks ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 3 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3