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Industry welcomes super stability
Major industry bodies have welcomed the confirmation of no new changes to superannuation contained in the Government's 2013 Federal Budget.
Both the Association of Superannuation funds of Australia (ASFA) and the Australian Institute of Superannuation Trustees (AIST) said it offered a level of certainty and stability for Australians.
"While this Budget confirms the super policy changes announced in April, these measures are relatively minor and provide some certainty for people wanting to plan for their retirement," AIST chief executive, Tom Garcia said.
"On balance, there are more winners than losers."
Garcia also welcomed higher concessional cap limits for older Australians, the low income earners superannuation contribution scheme, the tax treatment of deferred lifetime annuities and the establishment of a Council of Superannuation Custodians.
ASFA chief executive, Pauline Vamos said the budget allowed Australians to plan for their retirement.
"Over the past few months we have expressed concern regarding the impact on community confidence in superannuation as a result of the ongoing speculation," Vamos said, adding those concerns appeared to have been addressed.
She said the measures would address issues of longevity and income streams in retirement.
The Actuaries Institute said the budget addressed its concerns regarding longevity risk.
"We were encouraged by the confirmation of more favourable tax treatment of deferred lifetime annuities, which will provide retirees with the ability to insure their longevity in a more cost effective way," Actuaries Institute chief executive, Melinda Howes said.
The institute also welcomed Government's new pilot housing scheme for retirees seeking to downsize their home.
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