Super reform not finished – ASFA

taxation/ASFA/superannuation-funds/association-of-superannuation-funds/retirement-savings/chief-executive/

8 September 2005
| By Ross Kelly |

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS