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Australians support quicker SG rise
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| Pauline Vamos
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Along with strong community support for a general increase in the superannuation guarantee (SG) to 12 per cent, many people actually support the raise being implemented sooner, according to a survey conducted by BrandManagement on behalf of the Association of Superannuation Funds of Australia (ASFA).
Sixty per cent of the 1000 respondents, who were all currently employed 18 to 69-year-olds from CoreData-BrandManagement’s national database, supported a quicker implementation of the SG raise than that proposed by the Government.
Two thirds were concerned that their super savings would run out before they died, but less than 40 per cent supported the required purchase of a guaranteed income stream.
“Having enough money to retire on remains a major concern, one that has increased since this survey was conducted last year,” said ASFA chief executive Pauline Vamos.
“Respondents have ranked this the highest amongst other relative concerns, including meeting everyday expenses and paying for their mortgage.”
Close to 40 per cent of respondents did not support foregoing investment choice for slightly lower fees as proposed by Cooper’s MySuper recommendations, but three quarters supported more efficient payment processing such as that proposed by Cooper’s SuperStream recommendations.
Just one fifth believed the current tax treatment of super was fair, with most saying super is taxed too much, too often and in a complex way, the survey found.
A majority of respondents doubted the stability of current super tax arrangements, saying super taxation would be quite different or very different when they retired.
“This demonstrates the importance of stability and certainty for fund members to have confidence in the super system. We need bipartisan support for this,” Vamos said.
AUTHOR
Mike Taylor
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