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Few super implications in Budget
The superannuation industry is hoping the Government will stick to its pledge of no unexpected adverse changes to superannuation when the Budget is handed down this evening.
However there is at least some expectation that the Government will flag a lift in the superannuation preservation age in line with a gradual increase in the pension age to 67 and then, eventually, 70.
The industry will also be closely examining funding arrangements around the financial services regulators in circumstances where the Australian Securities and Investments Commission (ASIC) has canvassed moving to a user-pays model and the Government has flagged a consolidation of government departments and agencies.
Because of the discussion around consolidation of departments and agencies, some focus has been turned to the Superannuation Complaints Tribunal.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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