SISFA welcomes the government’s considered response to the Murray inquiry, and supports the enshrining of the fundamental objectives of superannuation within legislation.
SISFA hopes that such a move can finally put the superannuation system on the road to broad bi-partisan support, given the critical role of super within our financial and retirement system.
SISFA agrees it is vital the superannuation system remains transparent, competitive and efficient and adheres to the highest standards of governance to engage members about their future retirement outcomes.
SISFA is pleased to see that limited recourse borrowing arrangements remain part of a properly structured retirement plan, provided appropriate regulation and supervision is enforced and supported by the data collected by the ATO.
The provision of a sustainable retirement income for fund members is central to superannuation outcomes that also alleviate the future strain on government funded benefits, such as the age pension.
SISFA agrees that the current impediments to retirement income product development, such as longevity insurance products and deferred annuity mechanisms, needs to be addressed as part of a robust and sustainable modern retirement income system. SISFA will be working with government to ensure that SMSFs can also avail themselves of any such future retirement income developments.
SISFA also welcomes the announcement that the Productivity Commission will develop and release criteria to assess the efficiency and competitiveness of the superannuation system for the benefit of all members.
For further information contact
Tim Wedd
Director, SISFA
Crystal Wealth Partners
m 0408 608 349
e tim[at]crystalwealth.com.au
Michael Lorimer
SISFA Chair & Director at MGD Wealth Ltd
p (07) 3391-5055
m 0418 724 080
e ml[at]mgdwealth.com.au
SISFA Secretariat
Jane McIlroy
e jane[at]sisfa.com.au/
w www.sisfa.com.au