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Collaboration inspires confidence: SMSFA

The SMSF Association’s chief has underscored the importance of collaboration between all sectors of superannuation in order to boost confidence in the $2.3 trillion retirement savings system.

Speaking at the SMSF Association Technical Day in Melbourne last week, chief executive John Maroney said “there is much more that unites us than divides us” and so through all parts of the industry working harmoniously, the confidence Australians needed to have in the super system could be boosted.

“Australia has one of the world’s best retirement income systems and all parts of the super sector can help achieve security in retirement for millions of Australians,” Maroney said.

SMSF Association research showed the growth of the SMSF sector had been driven by a strong desire by retirees for greater control of their financial destiny and more flexibility in their super arrangements, he added.

“SMSFs are not for everyone, but more than 1 million Australians have chosen this superannuation option, and we expect another million Australians may follow suit over the next decade,” he said.

The peak industry body’s decision to establish a Global Centre of Excellence for Retirement Savings would reinforce the association’s leadership of the SMSF sector, as well as underpin the sector’s integrity and robustness by providing trusted research, well-crafted policy positions and thought leadership, he said.

Revenue and Financial Services Minister Kelly O’Dwyer, a keynote speaker at the event, said the association’s work in ensuring the sector remained healthy could not be underestimated.

“The association, for example, supports both trustees and professional advisers, and has long recognised the importance of high standards of advice,” O’Dwyer told the event.

“This is a stance the government encourages.”

She said the government recognised more than 1 million Australians are now choosing to control their own destiny in actively investing in their retirement.

“The fact that individuals have freedom of choice over their own savings is a principle this government supports, and we now see the SMSF sector emerging as one of the most dynamic parts of the financial system,” she said.

“SMSFs have provided Australia’s economy with a shot in the arm – creating jobs and supporting economic growth.”

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