Self-managed super fund (SMSF) trustees are losing trust in the federal government and see legislative change as a key threat to retirement.
In a survey conducted by Rice Warner Actuaries of SMSF Professionals Association of Australia (SPAA) members, trustees identified risks such as investment and associated risks, and keeping the value of their savings and investments in line with inflation.
"But their biggest concern, identified by 83 per cent of respondents, was the possible adverse impact of legislative change," Rice Warner founder and chief executive Michael Rice said.
The report also noted that trustees said they were happy with the original system and that contribution caps should never have been introduced.
SPAA chief executive Andrea Slattery said government should commit to super as a main environment for savings for any future and retirement opportunity.
"[The] contribution cap was a significant theme because there was a direct link to a lowering of confidence and a lack of trust. If you raise the caps again you would be put in a much better light," Ms Slattery said.
"This in-depth survey confirms what we have been saying for a long time - continual change to superannuation and the tax regime around it is undermining our universal system. What people want from government is certainty about the rules governing their retirement savings, and this survey clearly indicates they believe they are not getting this.
"From SPAA's perspective, this survey sends a clear message to all political parties: stop moving the superannuation goal posts to allow people to make long-term plans for their retirement," she said.
SPAA and Vanguard Australia engaged Rice Warner to undertake the 69-question survey of 279 SPAA members in order to identify the financial needs of members and review their general concerns about retirement.
