AUSTRALIA - ASFA has proposed several measures to "facilitate" increased contributions to superannuation in its pre-Budget submission, released today.
Commenting on the proposals, Association of Superannuation Funds of Australia CEO, Philippa Smith, said: "The government has a golden opportunity to build on the solid foundation of the Simpler Super changes in last year's Budget, and put in place strategies to significantly help individuals contribute to and achieve more adequate retirement incomes."
ASFA recommends: introducing 'soft compulsion'; making co-contribution available to more people; allowing super funds to provide benefit projections to individual members; and legislating for salary sacrifice arrangements to be provided to employees on request.
Smith stated the aims of the pre-budget submission were to increase the retirement savings of lower and middle income earners and encourage younger Australians to actively engage in their savings plan.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.