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ASFA supports super measures
MIke Taylor
The Association of Superannuation Funds of Australia (ASFA) has restated its support for an increase in superannuation fund contributions in the wake of the latest Investment and Financial Services Association (IFSA) research on the benefits of increasing national savings.
ASFA chief executive Pauline Vamos said an increase in the effective rate of contributions into superannuation from 9 per cent to 12 per cent through incentives and assistance would further increase national savings by approximately 2 per cent.
She said ASFA recommended a number of actions that would help stimulate the rate of savings into superannuation and achieve the Prime Minister’s stated aim of fostering a savings culture.
Vamos said ASFA’s recommendations included introducing ‘soft compulsion’ on employee contributions to superannuation, making the superannuation co-contribution available to more people and changing the law so that salary sacrifice arrangements were available to all employees on request.
With respect to ‘soft compulsion’, the ASFA chief executive said her organisation favoured an ‘opt out’ default arrangement, while with respect to the co-contribution it favoured the scheme being available in full to those earning up to $40,000 a year and phasing out at those earning $60,000 a year.
10 July 2008
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