Legislative objective for superannuation

Objective of superannuation sets a “very low bar”, should include adequacy

The Government’s chosen objective of superannuation has been criticised as not going far enough, particularly in terms of adequacy. Draft legislation was recently released which includes: The primary objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension. The Financial Planning Association… Read More »Objective of superannuation sets a “very low bar”, should include adequacy

Allow more time for consultation on objective of super, says SMSFOA

The SMSF Owners’ Alliance has called on the Government to extend the time allowed for submissions in response to the first tranche of superannuation legislation going before the 45th Parliament, particularly on the proposed legislative objective for superannuation. “Allowing just nine days (from 7 September to 16 September) is not… Read More »Allow more time for consultation on objective of super, says SMSFOA

Statements of compatibility to be required for objective of superannuation

Statements of compatibility with the objective of superannuation will be required for super legislation and regulations, if the Superannuation (Objective) Bill 2016 is passed as drafted. The Government has released draft legislation for some of the changes to superannuation announced in the 2016 Budget, along with the objective of superannuation. The objective of superannuation,… Read More »Statements of compatibility to be required for objective of superannuation

Objective for super should aim for ‘comfortable’ retirement

The Association of Superannuation Funds of Australia (ASFA) has recommended a legislative objective for superannuation. “A clear and measurable objective will eliminate ambiguity and build trust and confidence between policy makers and the community. It will protect against detrimental changes that erode belief in the system and promote policies that… Read More »Objective for super should aim for ‘comfortable’ retirement