The raising of the superannuation guarantee to 12 per cent may be within reach, but the industry should not take it for granted.
Fiona Reynolds, chief executive of the Australian Institute of Superannuation Trustees (AIST), urged delegates at the Conference of Major Superannuation Funds (CMSF) to continue to work together on reform issues, because the raise of the SG depended on it.
“Can we really advocate to the nation for an increase in the SG with any credibility if we can’t get our own house in order and implement reforms that deliver lower-cost, more efficient, user-friendly superannuation?”
She cited problems such as $18 billion in lost super, having 33 million accounts for 11 million workers and a lack of mandated data standards as three issues that needed to be addressed.
Reynolds also listed the problems with increasingly difficult rollovers, and the fact that commissions still exist on compulsory super contributions.
To promote the raising of the SG to 12 per cent AIST has launched an online campaign including the ‘12 per cent’ website and Facebook page in the hopes of engaging both young and old members alike.
Reynolds said that the community and future Governments would measure their confidence in the superannuation system in the ability of the industry to put aside differences and reach agreement on fundamental reforms now.
“If we get our act together we might just be able to save the 12 per cent,” she said.
