Peter Andren, re-elected independent member for Calare, says he would resign from parliament before he qualifies for the “overly generous” parliamentary superannuation scheme after serving for 12 years.
Earlier this year, Andren introduced a bill into Parliament that would allow conscionable MPs to opt out of the parliamentary superannuation scheme. It was taken up for examination by the Senate Select Committee on Superannuation which “basically dismissed it as too cumbersome”.
Andren says he would be forced to resign as a sitting member when his 12 years in office rolls by if he is unsuccessful in bringing in change. This is precisely what independent Ted Mack did.
“The sad thing is, this system forces those [who object to it] to fall on their swords,” Andren says. At the moment, it allows all politicians who were elected prior to the recent election to rake in the generous annual lump sum parliamentary superannuation payouts starting at $45,000, if they are elected three times, or if they remain in office for 12 years.
Australia’s superannuation sector has expanded strongly over the June quarter, with assets, contributions, and benefit payments all recording notable increases.
The Super Members Council (SMC) has called on the government to urgently legislate payday super, warning that delays will further undermine the retirement savings of Australian women.
ASFA has highlighted that regulation should not be “set and forget” and calls for a modernised test to meet future needs.
The super fund is open to the idea of using crypto ETFs to invest in the asset class, but says there are important compliance checks to tick off first.