PM says SMSFs a “key pillar” of the superannuation system

Prime Minister Malcolm Turnbull has told the SMSF Association National Conference that SMSFs are a “key pillar” of the superannuation system, in a video address.

The PM also acknowledged the important role the SMSF Association plays in ensuring the views and concerns of its members, and the whole SMSF sector, were heard.

Association CEO Andrea Slattery said this was a strong endorsement from the PM, and public recognition that the Association’s views are given due consideration in Canberra.

“Many of the issues that he identified in his address have long been policy objectives of the Association.”

“As the Prime Minister rightly recognised, professionals, small business owners and the self-employed find the flexibility and freedom that SMSFs offer to be increasingly attractive, and as such play a significant part in ensuring Australians are well placed to provide for their own retirement.”

‘When the Prime Minister says he wants the superannuation system to retain its integrity, be sustainable and flexible, and generate strong benefits for every superannuant, then he is reinforcing what we have long articulated about what the system needs to deliver to ensure every Australian has a secure and dignified retirement.”

“And his public endorsement of our commitment to excellence in the superannuation system was fitting recognition of all the work the Association has done over the years to lift professional standards.”

The PM noted the Government’s decision to task the Productivity Commission with inquiring into the efficiency and competitiveness of the superannuation system, which the SMSF Association supports.

“It’s imperative that superannuation, as the primary retirement savings for Australians, is reviewed in terms of its efficiency and competitiveness, and the Association is looking forward to making an ongoing contribution to the Commission’s inquiry,” Slattery said.

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