FPA calls for retirement income reform

FPA financial planners government

16 March 2001
| By Stuart Engel |

The Financial Planning Association (FPA) is pushing once again for a major review of Australia’s retirement income regime to be included in this year’s budget.

The FPA is calling for an independent inquiry, much like the Ralph Business Tax Review, to investigate both pre and post-retirement issues such as super contributions, retirement income streams and aged health care.

Specifically, the FPA joins the chorus of voices calling for the abolition of the superannuation surcharge which it says "discourages superannuation savings and has created a $220 million administrative cost burden". It is also calling for tax breaks for savings outside of the superannuation regime such as employee share schemes.

FPA public policy manager Con Hristodoulidis says the government's policies are at odds with the advice provided by financial planners to their clients.

"Financial planners advise their clients to plan early for retirement yet as a nation, we are not following this advice," he says.

"More and more Australians are taking personal responsibility for their retirement. It's about time the Government did the same for the nation as a whole."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

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

1 month 3 weeks ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 months ago

Interesting. Would be good to know the details of the StrategyOne deal....

2 months ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positiv...

2 weeks 3 days ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

1 week 2 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

1 week ago

TOP PERFORMING FUNDS