POWERED BY MOMENTUM MEDIA
Super definition could be narrowly interpreted
The Financial System Inquiry's (FSI) proposed superannuation definition could be interpreted for super to only provide assistance up to the level of the Age Pension, the Association of Superannuation Funds of Australia (ASFA) believes.
In its submission to Treasury, ASFA proposed the objective of super to "ensure that all working Australians, save for their retirement throughout their working life to achieve an adequate level of income throughout retirement".
ASFA chief executive, Pauline Vamos, said "while we support the FSI proposal to ‘provide income in retirement to substitute or supplement the Age Pension', we believe that if narrowly interpreted, it could mean that superannuation only provides assistance up to the level of the Age Pension".
"This would not be an acceptable outcome for the community and would fall well short of delivering on the social goals of the system."
"Our alternative proposes that the system delivers adequate retirement outcomes with commensurate economic and social well-being, free from undue hardship," Vamos said.
"Achieving a comfortable retirement is the hope and aspiration of the bulk of Australians, and the achievement of this is fundamental to Australia's economic and social well-being".
Recommended for you
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
