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.
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