PM acknowledges critical role of SMSF sector

The Prime Minister, Malcom Turnbull, has publicly identified the SMSF system as a key pillar of the superannuation system, and the SMSF Association’s role as critical in achieving that outcome, says Association Managing Director/CEO Andrea Slattery.

In what was the first address by a Prime Minister to the SMSF Association’s National Conference, Mr. Turnbull acknowledged the important part the Association played in ensuring the views and concerns of its members, and the SMSF sector more broadly, were heard.

Slattery says the Association is immensely gratified to get this strong endorsement from the Prime Minister, who was addressing the National Conference via a video address, and his public recognition that the Association’s views are duly considered 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.”

Slattery says the Association supports the Government’s decision to ask the Productivity Commission to look at the efficiency and competiveness of the superannuation system.

“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.

She also played tribute to the Government for implementing a number of practical reforms to Australia’s financial system that will allow SMSF trustees, and their advisors, to be able to plan for their retirement with confidence.

“There is no better example of this than our recent support for Parliament passing the Corporations Amendment (Professional Standards of Financial Advisers) Bill that aims to improve the educational and ethical standards of financial advisors.”