Australians agree with proposed objective of Superannuation


The majority of Australians believe superannuation should be about preserving savings to deliver income for a dignified retirement, according to a national poll of more than 2500 people.

Polling conducted by C|T Group on behalf of the Financial Services Council (FSC), shows that 53 per cent of respondents agree with the Government’s proposed wording for the objective of superannuation, with only 10 per cent disagreeing.

The Government has introduced a stand-alone Bill to Parliament which states that the Objective of Superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.

CEO of the FSC Blake Briggs said: “We congratulate the Government on moving ahead with a simple definition that can be commonly understood by all Australians and that the superannuation industry is unified on.

“Clearly defining the purpose of superannuation will help provide certainty for the 16 million Australians who are doing the right thing by saving for their own retirement.

“An enshrined objective for superannuation would lead to more stability in policy settings and end the cycle of constant tinkering, which undermines confidence in the system,” Mr Briggs said.

“Once legislated, the Objective will help drive the focus of policy reform to address systemic issues, such as including superannuation contributions on Government paid parental leave to help close the gender gap where women retire with 18 per cent less superannuation than men.”

The polling echoes previous FSC consumer research, which found strong support for legislating an Objective of Superannuation, providing it focuses on delivering retirement income for all Australians.

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