SuperConcepts has launched a campaign to enshrine the objective of the superannuation system in legislation, timing with the resumption of Parliament sitting today and getting ahead of another inquiry into the retirement system, which the Government has signalled is on the cards.
The #Time2Enshrine campaign aimed to underpin stability and enhance focus in superannuation, as constant changes to super rules were a big turnoff (the biggest, according to some surveys) for consumers considering making additional contributions to super.
“Superannuation is the most tax advantaged retirement savings vehicle and it’s disappointing these concessions and the advantages of making voluntary super contributions are often overshadowed by the constant fear of rule changes,” SuperConcepts chief executive, Lara Bourguignon, said.
“It’s now time for the objectives of super to once and for all be enshrined in the legislation to avoid such a clash of policy ideas and the potential impact on people’s lives.”
In Bourguignon’s opinion, the objective of super should be aspirational and encourage self-provision in retirement, serving not only as a safety net but also as a means to financial independence and a dignified retirement.
Further, she believed that it wasn’t enough to just legislate these objectives, but that a mechanism should also be put in place to compel policymakers to refer to it when assessing competing superannuation proposals.
The #Time2Enshrine campaign encouraged people to discuss what purpose the superannuation system should serve, tagging comments and posts on social media that did so with the hashtag.