Most superannuation fund trustees and executives believe the Government’s Budget changes to superannuation will act as an inhibitor to Australians attaining a comfortable retirement.
A survey conducted by Super Review during the recent Association of Superannuation Funds of Australia national conference in Sydney has revealed a deep level of negativity about the long-running implications of the Budget changes, including the $1.6 million transfer balance cap.
The results of the survey coincide with the Australian Taxation Office granting self-managed superannuation fund (SMSF) trustees an extension on their annual returns to deal with the issue.
The Super Review survey, sponsored by EISS Super, noted that the Government had restricted the amount of money members could contribute to superannuation, and asked what effect respondents believed it would have on balances.
Nearly 90 per cent of respondents believed it would have an effect, with 46.16 per cent stating it would have a significant effect.
The survey also comes as pre-Budget submissions being lodged with the Treasury argue for a speed up in the time-frames for lifting the superannuation guarantee to 12 per cent.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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