SMSFA, Superannuation

Association rallies members on super objective

SMSFA superannuation objective

SMSF Association members have been called on to put forward their views regarding the proposed objective of superannuation before the industry body meets with government next month.

The SMSF Association (SMSFA) has called on its members to pass on their views regarding the objective of superannuation and has repeated its support for an outcome that boosts retirement incomes.

SMSFA chief executive John Maroney noted the recent announcement that the government had proposed an objective for superannuation and was seeking feedback on that proposal had lifted the conversation about super to a high level.

“We have certainly had an exciting week to start off the conference and there’s probably more talking about superannuation on the airwaves, on TV and in newspapers courtesy of the Treasurer [Jim Chalmers] announcing the start of the consultation on the objectives of superannuation,” Maroney said at the opening of the SMSFA National Conference 2023 in Melbourne today.

Maroney noted an objective of superannuation was first put forward in 2014 as part of the Financial System Inquiry and the SMSFA’s response at that time remained unchanged and members should continue to promote it to government.

“Our response to that [proposal in 2014], which is still on our website, was the objective should be to provide income in retirement to substitute or supplement the age pension, delivering a financially secure and dignified retirement for Australians. We loved that definition in 2014 and we still love it,” he said.

“We will have lots of discussions about that, but talk to [SMSFA deputy chief executive] Peter [Burgess] and our staff who will listen to your views about what’s going on as we need to take that back to Canberra next month.

“Setting the goal of the system should help promote stability and that’s what we’re all about.”

During his presentation, he highlighted the industry body was celebrating 20 years since it was established and as part of that anniversary was launching SMSF specialist scholarships.

“These will cover the first year of SMSFA membership while doing the specialist designation course and fees for the course will be included in the scholarship, as well as registration for next year’s conference,” he said.

“Applications are now open for these scholarships and we will close them in April, so if you’re looking to take the next step to become a specialist, talk to the team at the SMSF Association.”

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