Govt must address concessional caps

global-financial-crisis/government/superannuation-guarantee/age-pension/trustee/money-management/cent/

7 November 2011
| By Mike Taylor |
image
image
expand image

The broad thrust of the Government's Stronger Super package has been welcomed by a roundtable of industry experts, but the same panel has been critical of its failure to address the issue of concessional contribution caps.

The roundtable, run by Money Management's sister publication Super Review, concluded that the Government's decision to cut the concessional contribution caps during its first term now seemed like a regrettable error.

The roundtable concluded that while lifting the superannuation guarantee from 9 per cent to 12 per cent was desirable, it would still not guarantee a comfortable retirement for many Australians - something which added impetus to the arguments for a further review of concessional caps.

NGS Super trustee John Quessy said the timing of the Government's decision to cut the caps - in the direct aftermath of the global financial crisis - had been particularly unfortunate.

Deloitte partner Russell Mason said that while he could understand the issues which had confronted the Government, the question of concessional caps needed to be reviewed in the context of the ultimate cost of a comfortable retirement and reducing pressure on the age pension.

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?...

2 months ago

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

2 months 1 week ago

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

4 months 1 week 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...

3 weeks 6 days ago

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

2 weeks 4 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

5 days 4 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND