ASFA calls for super review
Superannuation and retirement savings should be the subject of a federal government review, according to the Association of Superannuation Funds of Australia (ASFA).
Superannuation and retirement savings should be the subject of a federal government review, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA called for the review after completion of research which found the absence of targets and mistaken belief that compulsory super contributions would supply adequate retirement income pose a threat to most worker's retirement plans.
ASFA chief executive officer Phillipa Smith says targets are crucial in light of the changing employment patterns and increases in compulsory super contributions.
"The burning question is how much is enough? This can only be determined when the government and community have established targets and put in place strategies to achieve a commercially sensible and socially responsible retirement income framework," Smith says.
"The baby boomers are fast tracking towards retirement and we are simply not prepared for this huge age wave."
The survey, based on focus groups and quantitative research, found there was support for an improved superannuation system with 97 per cent of respondents stating compulsory superannuation payouts were a good idea.
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Jason Spits
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