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Lift the bar on super objective says ASFA
The Association of Superannuation Funds of Australia (ASFA) wants to lift the bar on the fundamental objective of superannuation – to deliver Australians a comfortable standard of living in retirement.
ASFA interim chief executive, Jim Minto has warned that unless the bar is set an appropriate level now, it may prove impossible to lift it moving into the future.
Minto went so far as to suggest that it was "un-Australian" for today's politicians to settle on an inadequate objective for super that restricts its purpose to merely substituting or supplementing the Age Pension.
He claimed the superannuation industry should not be prepared to settle for a lesser objective in circumstances where Governments facing tight budgetary positions in the future might not be able to afford to provide a basic pension to ensure a comfortable and dignified retirement for Australians.
Minto said ASFA wanted the legislated objective of superannuation to enable as many people as possible to enjoy a comfortable standard of living in retirement.
"By setting a comfortable standard of living as the goal, future governments will look to encourage all Australians, not just the wealthy, to save more for their post-work years," he said.
"This is an issue for people to get involved in. It is far too important to be left purely for politicians to decide, with limited public involvement."
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Of course ASFA wants that. How about an argument that looks less blatantly self interested?