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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".
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