POWERED BY MOMENTUM MEDIA
ASFA calls on community for consensus on super retirement
The Association of Superannuation Funds of Australia (ASFA) is calling on the public to participate in a conversation on the future of the nation's superannuation system in order to reach a consensus on retirement incomes policy.
With about 5.3 million Australians moving into retirement over the next 15 years, many industry commentators have said the system has been built for accumulation phase and needed further attention with regards to retirement.
ASFA said it was pleased the Federal Budget contained no new surprises for super, but also that now was the time to plan the future of the system. It was important that system was sustainable and provided comfort in retirement for all Australians.
ASFA chief executive Pauline Vamos said a successful retirement policy required a long lead-time to allow people to plan.
"There's no doubt that Australia is recognised as having one of the best superannuation systems in the world. However, our ageing population poses new challenges which will require policy makers to make adjustments to accommodate these into the future," she said.
"This is why we need to start thinking now about how we can ensure the system evolves as the environment it operates in changes."
Issues that still needed to be resolved included: unsustainable tax and policy settings; the inequitable outcomes and inadequacies of a complex system; changing work patterns requiring amendments to contribution and benefit arrangements; promotion of retirement income streams; removing tax and legal impediments which prevent the development of retirement product solutions that address longevity risk; and the cost of transition to retirement.
Vamos said it was not purely an industry conversation but required community involvement.
"This is why we are calling for feedback and input from across the community, so that their views can be collected outside of political hype," she said.
"Let's de-politicise super and move towards a bipartisan approach to policy which helps people achieve the lifestyle they deserve in retirement."
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
As the Australian financial landscape faces increasing scrutiny from regulators, superannuation fund leaders are doubling down on their support for private markets, arguing these investments are not just necessary but critical for long-term financial stability.
Australian Retirement Trust (ART) is leaning on its private asset allocation to help shield members from ongoing market volatility, as its chief economist stresses the importance of long-term thinking and diversification.
AustralianSuper is poised to cement its leadership in the superannuation landscape over the next five years, with fresh research forecasting a sharp shift in the sector’s power dynamics.
The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potentially amplifying shocks in the financial system.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.63 3 y p.a(%)
3
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
5
Plato Global Alpha A
27.76 3 y p.a(%)
