Most small to medium enterprise owners (SMEs) prefer to focus on their own ‘plan b’ arrangements rather than compulsory superannuation to fund their retirement, according to findings from Cameron Research Group.
Key findings of the focus group discussions and telephone survey of 775 small businesses were a mistrust of government superannuation regulations and an obsession with control over investments.
“Whenever I think about my retirement, I never think about my superannuation.
“I guess I know it’s there, and if it will be beneficial to me it will just be a bonus,” commented one survey respondent.
The research also found that choice of superannuation had caused more confusion among employers regarding their superannuation responsibilities.
Speaking to a recent gathering of financial planners from various dealer groups, Cameron Research Group director Ross Cameron, discussed the outcomes of the most recent study, which were released in June this year.
On the issue of corporate super, he said employers at the bigger end of the SME space were largely disengaged, paying the minimum 9 per cent Superannuation Guarantee contribution with little thought about the investment strategies or other decisions of the fund manager.
“[In terms of their corporate fund] they don’t want to be hassled by that, they don’t want to have much involvement,” Cameron said.
