Questions have been raised by the Alliance for the Fairer Retirement System that it feels should be addressed by the Review of the Retirement Income System.
The review was announced by Treasurer Josh Frydenberg last week and was the first major review of Australia’s superannuation system in 30 years. It will examine the interaction between the age pension, compulsory super and voluntary savings.
John Maroney, spokesperson for the Alliance, said the review would provide an ‘important opportunity’ to ensure the superannuation system continued to evolve in a positive way. However, it raised five questions which it felt needed to be addressed within the review.
The five questions were:
It also praised the appointment of former Alliance spokesperson Dr Deborah Ralston, who was also chair of the SMSF Association, on her appointment to the review board.
The Alliance encouraged all Australians with an interest in promoting a fairer and sustainable retirement income system to respond to the Review’s discussion paper later this year.
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.