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Strict age pension rules welcomed
Workers and retirees have warmed to the Federal Government's tightening of the age pension assets test, with 78 per cent of workers and 88 per cent of retirees giving it the thumbs up.
That was the findings of research commissioned by industry super fund AustralianSuper, which also found 75 per cent of wage earners hesitated to put extra money into their superannuation due to constant tinkering.
AustralianSuper's group executive, membership, Paul Schroder, said younger workers are recognising they need to fund their own retirement instead of depending on government support.
"But before they're willing to invest more in their super, they want greater certainty and less government interference in the super system," he said.
The research also showed more than three quarters (76 per cent) of workers expect it to be more difficult to qualify for the pension when they retire compared to today, with Gen X hurt the most (82 per cent), followed by Baby Boomers (74 per cent), and Gen Y workers (70 per cent).
Meanwhile, 76 per cent of workers and 81 per cent of retirees want an independent body to look after super tax rather than the government.
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Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
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