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Liberal back-benchers dismiss Retirement Review sceptics
Key Liberal back-benchers have strongly criticised complaints from elements of the superannuation industry over the Government’s intentions with respect to its Review of the Retirement Income System.
Some superannuation industry groups have expressed concern that the review will effectively deliver the Government scope to revisit and possibly wind-back the timetable for lifting the superannuation guarantee to 12% or remove compulsion for young and low income earners.
Both newly-elected NSW Liberal Senator, Andrew Bragg, and Victorian Liberal Senator, James Patterson, have suggested that the concerns being expressed by some superannuation industry groups represent an effort to protect vested interests.
Both parliamentarians used social media to put their positions, with the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume endorsing Patterson’s position.
Patterson claimed that the industry super lobby [was] “showing extraordinary hypersensitivity about an evidence-based review of retirement incomes”.
“Do they really think Government should ignore Productivity Commission (PC) call to assess efficiency and effectiveness of the industry? Anyone concerned about member outcomes should welcome scrutiny,” Patterson said.
For his part, Senator Bragg referred to “vested interests” who were “playing the man” and suggested that represented reason in itself to conduct such a review.
Bragg has previously called for the superannuation guarantee to be opt-in for low income earners.
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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
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