Super reform not finished – ASFA
Despite the introduction of choice legislation and the abolishment of the hugely unpopular superannuation surcharge, the Australian superannuation industry is still far from perfect, according to the industry’s peak association.
The concern has prompted the Association of Superannuation Funds of Australia (ASFA) to launch a competition calling on entrants to suggest ways for superannuation to be simplified.
“In a sense it’s become riddled by complexity … because of the multiple layers of change that have been introduced over the years, and we would like to see how people think these complexities can be rolled back,” AFSA chief executive Philippa Smith said.
Smith pointed to taxation as a particularly complex area. She also sighted a “raft of grandfathering initiatives” and a “host of administrative areas” as adding further complexity to the system.
ASFA is hoping participants also address a range of issues alongside simplification.
“The number one issue is solving complexity, but the ideas should cover a range of other objectives like increasing the adequacy of people’s retirement savings, raising confidence in superannuation, providing incentives to save, making it equitable to people on different levels, and making it cost effective for funds to run.”
Winners will receive $10,000 worth of prizes, which includes free admission to ASFA’s annual conference.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
