Industry Super Australia (ISA) has called on the Government to review several aspects of superannuation policy to better cater for the country’s ageing population.
A review of superannuation tax concessions, pension means testing and work continuance incentives are among the policies the group wants Treasury to look at.
It said as Australia’s population ages, the adoption of annuities and income streams during retirement will become more important for financial preservation.
It also called on the Government to improve the “efficiency” of the superannuation system by ensuring super is commission-free and default funds are chosen on merit.
The Financial Services Minister says the amendments to the SIS Act within the first QAR bill will “clarify the law to affirm the status quo”.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
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