Pressure mounts for super changes

The likelihood of the Government shifting ground on its Budget superannuation changes has increased in the face of a growing cohort of financial services organisations agreeing on the need for key amendments.

The most recent organisation has been the Financial Planning Association (FPA) with its chief executive, Dante De Gori saying he wanted to work with the Government on key issues including superannuation.

"The proposed $500,000 life-time non-concessional cap, changes to the transition to retirement (TTR) strategy and the reduction of concessional contribution cap thresholds were of particular concern in the May budget announcement as it means that almost all financial planners and clients will have to review the circumstances of those approaching retirement," he said.

"The election results demonstrated that voters are also dissatisfied with proposed change to super. Though the FPA looks forward to working with Government on the proposed super changes, we will continue our advocacy work to help Australians navigate around these more complex rules, and plan for their retirement accordingly," he said.

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The FPA's announcement followed on from that of the FSC which, while not calling for specific changes, said it looked "forward to consulting with the Government on the May Budget changes to superannuation".

The Federal Opposition has signalled that it might be prepared to support passage of the Budget superannuation provided agreement can be reached on a number of issues, particularly those regarded as injecting retrospectivity into the equation.