SMSF Association backs Government’s objective for super proposal

The SMSF Association is lending its support to the Federal Government’s proposal to legislate the objective for superannuation.

Association Deputy CEO / Director of Policy & Education, Peter Burgess, says: “We have consistently supported having an objective for superannuation since it was first recommended in the final report
of the 2014 Financial System Inquiry.

“So, the Government’s decision to open up the proposed definition of the objective of superannuation for public consultation is a positive step in finally achieving this critical recommendation.

“Legislating the objective of superannuation will provide stability and confidence to policy makers, regulators, the industry, and the community that changes to superannuation policy will be aligned
with the purpose of the system.

“In particular, building consumer confidence in the system is a critical ingredient to support a retirement savings system that will deliver the necessary income for a dignified retirement.

“The concept of a ‘dignified retirement’ is something that the SMSF Association has long advocated, so we are pleased that this concept is now forming a central plank of the Government’s proposed objective for superannuation.

“We look forward to working with the Government to ensure the legislated objective achieves these important goals,” he says.