The Australian Institute of Superannuation Trustees (AIST) has welcomed the re-appointment of Kelly O’Dwyer in the financial services portfolio, adding it will work with her to ensure superannuation changes are not racked with confusion.
AIST chief executive, Tom Garcia said that while the AIST supported the Budget policy proposals that promoted fairness and sustainability in the superannuation system, it was concerned about some of the complexity and implementation.
“The Government’s recognition of the need to support low income earners in saving for retirement is very welcome as are measures to better target super tax concessions,” he said.
“The move to enshrine super’s objective in legislation is much needed but more work is required to ensure this objective provides clarity — rather than more confusion — on the purpose of super and its role with the Age Pension.”
Garcia, also said he looked forward to working with O’Dwyer in a period where a suite of changes were being introduced in the superannuation space.
“The 45th Parliament is occurring at a critical time for superannuation, with the Government having proposed a raft of legislative changes affecting super fund members and confidence in the system,” Garcia said.
“We look forward to engaging constructively with Ms O’Dwyer to ensure the super changes are both workable and well-communicated to the public.”
The AIST would also be looking to consult with the Government over changes to the Age Pension asset test due to come into effect on 1 January 2017.
