The SMSF Association encourages all sectors of the superannuation industry to collaborate to boost confidence in the $2.3 trillion retirement savings system, says the Association’s CEO John Maroney.
Addressing a function in Melbourne on Thursday where the keynote speaker was the Federal Minister for Revenue and Financial Services, Kelly O’Dwyer, he told the industry audience that “there is much more that unites us than divides us”, and by working harmoniously the confidence Australians need to have in their superannuation system can be enhanced.
“Australia has one of the world’s best retirement income systems and all parts of the superannuation sector can help achieve security in retirement for millions of Australians.”
Maroney says the Association’s research shows that the growth of the SMSF sector has been driven by a strong desire by retirees for greater control of their financial destiny and more flexibility in their superannuation arrangements.
“SMSFs are not for everyone, but more than one million Australians have chosen this superannuation option, and we expect another million Australians may follow suit over the next decade.”
He said the decision to establish a Global Centre of Excellence for Retirement Savings would reinforce the Association’s leadership of the SMSF sector, as well as underpinning the sector’s integrity and robustness by providing trusted research, well-crafted policy positions, and thought leadership.
Minister O’Dwyer said the SMSF Association’s work in ensuring the sector remained healthy could not be underestimated. “It has a strong mandate to lead the professionalism, integrity and sustainability of the SMSF sector.
“The Association, for example, supports both trustees and professional advisors and has long recognised the importance of high standards of advice. This is a stance the Government encourages.”
She said the turn-out at the SMSF Association’s Technical Day – one of five being held around the country – reflected the increasing popularity of SMSFs
“More than a million Australians are now choosing to ‘control their own destiny’ in actively investing in their retirement.
“The fact that individuals have freedom of choice over their own savings is a principle this Government supports, and we now see the self-managed sector emerging as one of the most dynamic parts of the financial system. SMSFs have provided the Australia’s economy with a shot in the arm — creating jobs and supporting economic growth.”