With another inquiry into the retirement incomes system on the cards, it’s now more important than ever to define the objective of our superannuation system and to enshrine this objective in legislation, according to SuperConcepts CEO Lara Bourguignon.
As the 46th Parliament resumes sitting today, SuperConcepts has launched the #Time2Enshrine campaign to underpin stability and enhance confidence in superannuation.
“Throughout this month we are encouraging people to join the conversation about what purpose they think our superannuation system should serve, and tagging comments and posts with #Time2Enshrine,” said Ms Bourguignon.
“We know from previous surveys that the constant changes to the super rules are the biggest ‘turnoff’ when it comes to contributing more to super, which affects retirement income.
“Superannuation is the most tax advantaged retirement savings vehicle and it’s disappointing these concessions and the advantages of making voluntary super contributions are often overshadowed by the constant fear of rule changes.
“It’s now time for the objectives of super to once and for all be enshrined in the legislation to avoid such a clash of policy ideas and the potential impact on people’s lives.
“We need to define the objectives of super which in our view should be aspirational and encourage self-provision in retirement.
“We believe the objective of super should portray super not only as a safety net but also as a vehicle which targets financial independence and a dignified retirement for all Australians.
“We believe this objective must be enshrined in the legislation and a mechanism put in place to compel policy makers to refer to this objective when assessing competing super proposals.
“Without this mechanism in place, enshrining the objectives of super would serve little purpose,” Ms Bourguignon said.
Media contact:
Garth Montgomery
garth.montgomery@superconcepts.com.au
