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FSI super definition “impersonal”
The Workplace Super Specialists Australia (WSSA) has called the Financial System Inquiry's (FSI's) definition of superannuation as "impersonal", in its submission to the Government.
WSSA said the primary objective of superannuation should be to "support working Australians in providing an income sufficient to maintain a standard of living in retirement similar to what they had during their working lives".
The association said this objective, supported by objectives of adequate levels of retirement income, relieving pressure on the Aged Pension and increasing national savings, was the basis of a stronger super model and one that creates a clearer path for regulators going forward.
WSSA chief executive, Douglas Latto, said "there needs to be a method of engaging working Australians to be active rather than passive participants in securing their financial security in retirement".
"Retirement is about people. Superannuation is a vehicle which working Australians can utilise to improve retirement outcomes and reduce reliance on Age Pension support. If we keep this in mind, then we shall be on the right track."
The FSI's primary objective of super is to "provide income in retirement to substitute or supplement the Age Pension".
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