Government commits to another century of age pension
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, has scotched suggestions that Australians will have to move to a fully self-funded retirement incomes regime, vowing that the age pension will remain fundamental.
Senator Sherry told the Conference of Major Superannuation Funds in Brisbane that he was prepared to predict a further 100-year lifespan for the age pension and that it was mischievous to suggest otherwise.
“I am prepared to make a 100 year prediction on the age pension,” he said.
“To say it won’t be around is a nonsense argument.”
Sherry had earlier argued that the age pension needed to be seen as remaining at the core of Australian retirement incomes, with superannuation representing an added extra.
He expressed concern that there were those who had promoted financial products on the basis that they were required by Australians because the age pension would be abolished.
AUTHOR
Mike Taylor
Recommended for you
Greater consistency across the ASIC adviser exam has helped boost the number of first-time candidates this year with many opting to sit before undertaking a Professional Year.
Financial advice practice Eureka Whittaker Macnaught is in the process of acquiring three firms to boost its annual revenue to $25 million.
AMP has partnered with Dimensional Fund Advisors and SouthPeak IM to launch a suite of investment solutions aimed at expanding retail access to traditionally institutional funds.
The Financial Advice Association Australia has appealed to licensees to urgently update their FAR records as hundreds of advisers are set to depart by the end of the year.
