Australia needs a superannuation system that doesn't discriminate against an active Australian, Geoff Summerhayes, CEO of Suncorp Life, has claimed.
In a recent submission to the Australian Law Reform Commission, Suncorp said that a holistic policy approach is required to support mature workers to enter, re-enter and remain in the workforce for longer.
Suncorp supports the removal of age barriers across the board, Mr Summerhayes said, supported by a 'no disadvantage test', financial caps or capacity-based assessments.
"The key to mature age workforce participation is to recognise that the ideal retirement age varies for each individual," Mr Summerhayes said.
"It is important to remove age barriers where appropriate and allow greater flexibility in the transition to retirement."
According to Mr Summerhayes, there are a number of key barriers for older workers contributing to their retirement, including superannuation funds restricting voluntary contributions for those over 65 years of age plus work tests for superannuation members aged 65 years and over who want to make voluntary contributions.
"The writing is on the wall that we must improve productivity if we are going to cope with an aging population," he said. "Increasing the workforce participation rates for workers aged 55 and over would certainly assist in boosting our national gross domestic product and reduce reliance on the Age Pension.
"I believe that as Australians continue to have an active lifestyle, the choice of retirement should be a personal one and there are numerous national and personal benefits in supporting this choice."
