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.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.