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ISA wants further super policy changes
Industry Super Australia (ISA) has called on the Government to review several aspects of superannuation policy to better cater for the country’s ageing population.
A review of superannuation tax concessions, pension means testing and work continuance incentives are among the policies the group wants Treasury to look at.
It said as Australia’s population ages, the adoption of annuities and income streams during retirement will become more important for financial preservation.
It also called on the Government to improve the “efficiency” of the superannuation system by ensuring super is commission-free and default funds are chosen on merit.
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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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