The Financial Services Council (FSC) has strongly supported the changes to the contributions rules announced yesterday aimed at helping Australians nearing retirement boost their superannuation savings.
Commenting on the development, FSC chief executive Sally Loane said: “The changes to extend access to the work test exemption, spouse contributions and bring-forward arrangements will provide workers nearing retirement greater flexibility to make additional super contributions if they are able.
“Australians are working for longer and many want the opportunity to continue saving for retirement while they do so. This is particularly important for those workers currently nearing retirement, who have not had the benefit of compulsory superannuation for their entire career and wish to top up their savings.”
Loane pointed out retirees will not be the only people to benefit from this legislative amendment.
“Additionally, this is a significant, beneficial step for women, who need to catch up because of the gender super gap,” she said.
She noted the FSC would continue to support any measures from the government that make it easier for individuals to save for their retirement, regardless of where they are in their working life.
