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.
AUTHOR
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
