The superannuation industry is hoping the Government will stick to its pledge of no unexpected adverse changes to superannuation when the Budget is handed down this evening.
However there is at least some expectation that the Government will flag a lift in the superannuation preservation age in line with a gradual increase in the pension age to 67 and then, eventually, 70.
The industry will also be closely examining funding arrangements around the financial services regulators in circumstances where the Australian Securities and Investments Commission (ASIC) has canvassed moving to a user-pays model and the Government has flagged a consolidation of government departments and agencies.
Because of the discussion around consolidation of departments and agencies, some focus has been turned to the Superannuation Complaints Tribunal.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
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