The Financial Services Council (FSC) has called for the Government to recognise superannuation with a clear and simple objective.
This would help to set the benchmark for measuring future reform and protect the system from unnecessary tinkering, it said.
It would also provide the basis for reforms such as paying super on paid parental leave, which had been pitched by organisations such as the Australian Institute of Superannuation Trustees (AIST).
Finally, it would give consumers greater confidence about their retirement decisions
Blake Briggs, chief executive of the FSC, said: “The FSC, like our counterparts at other associations, supports the simple objective that focuses on the goal of providing a comfortable standard of living for Australians, that supplements or substitutes the Age Pension.
“Superannuation should have a singular focus on the needs of consumers, not whims of politicians or the industry itself. An objective will help make this clear.
“Once the purpose of the system is enshrined then other reforms will naturally flow.”
The organisation welcomed the Treasurer Jim Chalmers confirming it would be one of his priorities during the Albanese Government.
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 transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.