The SMSF Association (SMSFA) has called for political bipartisanship on the framework for superannuation without being subject to budgetary and political cycles for the long term.
Chief executive and managing director, Andrea Slattery, also reiterated calls for the enshrinement of super in legislation and the establishment of long-term goals for super.
Slattery said the SMSFA was prepared to work “constructively” with the new Government, opposition and cross-benchers in the House of Representatives and the Senate to iron out super policy proposals set out in the Federal Budget.
“We need to have a sustainable and measured policy approach to people’s second largest asset, superannuation, which assists Australians to accumulate adequate retirement income savings for a secure retirement,” Slattery said.
“It is especially important at times of political uncertainty, such as what has happened with the federal election and Brexit, that people know that their retirement savings are secure.”
Slattery also blamed the Federal election outcome on the constant tinkering with super, saying the reduction in the concessional contribution caps hampered the goal of encouraging people to fund their own retirement, while the changes were complex and disruptive to people’s long-term retirement goals.
“It is quite clear that the election highlighted the fact that many in the electorate were unnerved by the changes to superannuation proposed by both major parties and are seeking certainty for their retirement planning,” Slattery said.
