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Poll shows need for super stability: SMSFA

The SMSF Association is continuing its push for a sustainable and measured policy approach to superannuation in the wake of the recent federal election and will continue to lobby for super objectives and principles to be enshrined in legislation.

SMSF Association chief executive Andrea Slattery said what occurred during the election campaign had reinforced the body’s stance and the government would need to move quickly to set long-term goals for super.

“It has been the association’s long-term policy that the objective and underlying principles of superannuation should be enshrined in legislation, and what has happened over the course of this election campaign has simply reinforced our position,” Slattery said.

“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.

“Both major political parties were seen as moving the goalposts for ordinary Australians to build their savings to ensure a dignified retirement, despite the repeated calls from the public and superannuation industry for the ongoing tinkering with superannuation to stop.”

Slattery added the current situation emphasised the need for a politically bipartisan framework for super that was removed from both the budgetary and political cycles for the long term, which was especially important in times of political uncertainty when people wanted to know their retirement savings were secure.

She said the association was ready to work constructively with the government, opposition and cross-benchers in the House of Representatives and Senate to address the various super policy issues that had arisen from the last budget.

“We are on the record in saying we believed the reduction in the concessional contribution caps were detrimental to the goal of encouraging people to be self-sufficient in retirement and that other budget changes were complex and disrupted many people’s long-term plans,” she said.

She also noted the positive measures in the budget, which according to the association were the carry forward of unused concessional contribution caps, allowing people aged between 65 and 74 to contribute to their super without meeting the work test, and removing the 10 per cent rule that allows all fund members to make deductible contributions to their super.

The association will be urging that these measures be enacted by the new Parliament as quickly as possible.

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