Constant piecemeal change and the absence of clear goals is creating uncertainty around superannuation, but there is no need to put the system on hold while perfection is sought, a leadership forum in Canberra has found.
The Committee for Sustainable Retirement Incomes (CSRI) held its inaugural leadership forum in Canberra last week.
Participating in the forum were the Academy of the Social Sciences of Australia, the Council on the Ageing, Industry Super Australia and National Seniors Australia.
The forum was also addressed by Assistant Treasurer Josh Frydenberg, who flagged that the government could take changes to superannuation to the next federal election, along with Financial System Inquiry chairman David Murray.
The leadership forum issued a communiqué that listed a number of agreed points – foremost that Australia has a "strong superannuation system".
"Australia has large and successful, non-profit, retail, corporate and self-managed superannuation sectors, giving a wide range of choice for superannuation savers and retirees," the communiqué said.
However, "constant piecemeal change and continual speculation around superannuation rules and age pension eligibility create great uncertainty for Australians in and nearing retirement", it said.
"The absence of clear goals and objectives inhibits the development of policies conducive to system sustainability, as well as its efficiency and equity," the communiqué said.
The lack of clear, agreed objectives also makes it difficult to determine whether the system is coherent and working effectively and also how it could be improved, it said.
"The system requires neither to be rebuilt from scratch or put into stasis while perfection is designed," the communiqué said.
"Australia requires a-whole-of-Government retirement income strategy that includes the superannuation system, an adequate age pension, and encourages individuals to self-fund their retirement."
MLC Life Insurance has been appointed as Maritime Super’s new group insurer following an extensive tender process. ...
The Australian Institute of Superannuation Trustees have called on the incoming government to develop an online tool to help Australians mak...
AMP is planning to reduce its superannuation products and investment options as part of its bid to regain customer trust post-royal commissi...