Industry Super Australia (ISA) has called on the Government to review several aspects of superannuation policy to better cater for the country’s ageing population.
A review of superannuation tax concessions, pension means testing and work continuance incentives are among the policies the group wants Treasury to look at.
It said as Australia’s population ages, the adoption of annuities and income streams during retirement will become more important for financial preservation.
It also called on the Government to improve the “efficiency” of the superannuation system by ensuring super is commission-free and default funds are chosen on merit.
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.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
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