POWERED BY MOMENTUM MEDIA
Lift age pension, says super funds
The Federal Government should increase the age pension to $16,000 a year in the May Federal Budget, according to the Australian Institute of Superannuation Trustees (AIST).
The AIST's position was made clear by its chief executive, Fiona Reynolds, at the Conference of Major Superannuation Funds on the Gold Coast, who said while many self-funded retirees had been hit hard by the current global financial crisis, pensioners were also doing it tough.
She said the push for the increase in the age pension had been part of a joint submission to the Henry Tax Review by the AIST and the Industry Super Network, which had also called for the pension to be better targeted to those most in need.
"The means testing of the age pension is too generous and probably unsustainable for the Government," Reynolds said.
The AIST submission also called for a better deal on superannuation for low to middle income earners, better coverage for women and the self-employed, and an increase in the Superannuation Guarantee from the existing 9 per cent to 12 per cent.
Reynolds said there might also be a need to revise the generous superannuation initiatives introduced by the former Howard Government in circumstances where many of the measures were unsustainable in more difficult economic times.
AUTHOR
Mike Taylor
Recommended for you
Limited exposure to fossil fuel companies has positively impacted the performance of Australian Ethical’s balanced and growth funds, the super fund says.
The major bank has announced that real-time super payments will soon be available to all QuickSuper employers ahead of the looming payday super regime.
AMP Limited has reported its first positive quarterly net cash flows in superannuation and investments since 2017, marking a key milestone in the business’s ongoing turnaround strategy.
The Your Future, Your Super scheme and RG 97 may be directing capital away from more productive uses and discouraging active investment strategies, says the independent MP.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
