Super reforms put money back in the pockets of retirees

17 Jun 2021
Super pic

Australians will retire with more money in their superannuation accounts after Centre Alliance supported an amended version of the Government’s Your Future Your Super legislation.

Centre Alliance secured critical changes to the Treasury Laws Amendment (Your Future, Your Super) Bill 2021 which dealt with its concerns regarding the timeframe for performance testing super funds and some of the provisions that could have kept Australians tethered to poor-performing or inadequate funds.

Centre Alliance’s Treasury Spokesperson, Senator Stirling Griff, said the changes delivered legislation that addressed many of the deficiencies in the current rules governing the management of superannuation funds that reduced retirement incomes.

“I was proud to support this legislation after convincing the Government to make a number of important changes. Our changes will mean millions of Australians will retire with more money in their super and a better, more dignified retirement,” Senator Griff said.

Federal Member for Mayo, Rebekha Sharkie MP, said amended legislation as a whole would help superannuation consumers whose retirement incomes should be the focus of any super reforms.

“This legislation will improve the financial returns of the superannuation funds for the millions of hardworking Australians. It is important its measures are considered as a whole and not in isolation,” Rebekha said.

“I am concerned that in campaigning against this legislation, the Super industry had embarked on an exercise in self-preservation, hiding behind the veil of alleged widespread consumer harm which was not true and failing to acknowledge problems with the existing superannuation system.

“These reforms will put more money in the bank accounts of retirees and that is what the superannuation system should be all about.”

Share on Twitter Share on Facebook