FSC calls for simple super objective

The Financial Services Council (FSC) has called for the Government to recognise superannuation with a clear and simple objective.

This would help to set the benchmark for measuring future reform and protect the system from unnecessary tinkering, it said.

It would also provide the basis for reforms such as paying super on paid parental leave, which had been pitched by organisations such as the Australian Institute of Superannuation Trustees (AIST).

Finally, it would give consumers greater confidence about their retirement decisions

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Blake Briggs, chief executive of the FSC, said: “The FSC, like our counterparts at other associations, supports the simple objective that focuses on the goal of providing a comfortable standard of living for Australians, that supplements or substitutes the Age Pension.

“Superannuation should have a singular focus on the needs of consumers, not whims of politicians or the industry itself. An objective will help make this clear.

“Once the purpose of the system is enshrined then other reforms will naturally flow.”

The organisation welcomed the Treasurer Jim Chalmers confirming it would be one of his priorities during the Albanese Government.