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Super litigation growing
Superannuation litigation claims are mirroring growth of the industry and will not be slowing down, according to Argyle Lawyers.
Argyle Lawyers managing principal, Peter Bobbin said as funds under management increases and legislation becomes more complex, then the need to get legal resolutions over disputes will grow exponentially.
"The evidence is everywhere, whether it be the number of law firms advertising their expertise in this area, discussion on talk-back radio, conference topics, or the number of lawyers now working in this legal space," Bobbin said.
"In particular, the very nature of the SMSF [self-managed super fund] sector will result in more litigation as trustees and members of funds enter into dispute about the benefits of their SMSF. For both trustees and members, it is critical they understand the importance of knowing their legal rights."
Speaking at the SMSF Association State Technical Conferences, Bobbins said a long period of stability and no more government legislation changes so they can settle upon legal resolutions that will restore confidence.
SMSF Association chief executive, Andrea Slattery said her association has been telling all governments there needs to be certainty around superannuation, and that every time the system changes it undermines confidence in it.
"It simply reinforces the point that superannuation requires bipartisan political support so that it can achieve its primary goal — helping Australians be self-sufficient in retirement.
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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.
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