FPA reaffirms choice position on super
THEFinancial Planning Association(FPA) has welcomed the Federal Government’s renewed commitment to introducing its superannuation choice and portability policies.
In responding to comments made last week by Assistant Treasurer Senator Helen Coonan that “it was the intention of the Government for the legislation to be enacted by July 2004”, FPA chief executive Ken Breakspear says the vast majority of Australians supported choice.
“FPA research conducted in November last year with Roy Morgan clearly shows that 71 per cent of Australians are demanding choice,” Breakspear says.
“It is crucial that we all have the opportunity to determine where our retirement savings will be invested... The current superannuation system means that generally employers are entrusted with the responsibility of deciding where their employees’ retirement incomes are invested.”
Breakspear says the existing system is flawed because the money belongs to employees and they should be given control over investing it.
Coonan, speaking at anAssociation of Superannuation Funds of Australialunch in Sydney, also reiterated that the Government will not compromise on its superannuation bill.
However, such a stance may jeopardise the bill being passed at all, given its current wedged status in the Senate.
“Obviously, we’ll continue to push for them [the Government’s policies], they’re good policies and they’ve been voted on at the last election, and they should be implemented.
Recommended for you
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
