The latest Roy Morgan “Single Source Survey” for Australia has revealed the low level of above-compulsory super contributions will present a major retirement funding problem for workers and the federal government.

Actuarial firm Rice Warner has backed the superannuation guarantee (SG) rising to 12 per cent as it believes there are several good strategic reasons to increase it.

Certain characteristics currently embodied in the retirement savings framework, such as fund diversity and the system’s sole purpose, need to be maintained, according to a panel of senior executives.

The superannuation industry peak body has called out the Grattan Institute for launching an unprecedented attack on the retirement savings of ordinary Australians.

Super decumulation is a live debate in Australia and policies formulated in the next few years will set the stage for the issue here, according to academics.