FSC calls for 12% SG

17 May 2016
| By Mike |
image
image
expand image

The Financial Services Council (FSC) has called for a lifting of the superannuation guarantee to 12 per cent within six years.

The call has been made in a statement of policy objectives released by the FSC today in which it also called for the implementation of tax settings that promote adequate retirement outcomes, particularly for women who currently experience unequal retirement incomes relative to men.

The statement also called for a staged increase in the preservation age, "linked to the Age Pension eligibility age, and increases in life expectancy, while preserving a reasonable gap, accompanied by an early release mechanism for those unable to work later in life".

Unsurprisingly, the FSC document also traversed many of the issues it has fought out with the industry super lobby throughout the past three years including the selection of any Australian Prudential Regulation Authority (APRA) approved MySuper product to be a default fund, removal of the Fair Work Commission from the fund selection process and the appointment of independent directors to superannuation fund boards along with an independent chairs.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

A former adviser to superannuation trustees has sounded the alarm on what he describes as “serious deficiencies” within the system, urging regulators to take immediate ac...

9 hours ago

Bravura CEO Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment. ...

10 hours ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

4 days 6 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND