FSC seeks rethink on retirement

THE Financial Services Council plans to develop and promote a national retirement outcomes policy in the coming months.

THE Financial Services Council plans to develop and promote a national retirement outcomes policy in the coming months to determine whether the current superannuation system is right for Australia.

The policy would integrate the design of the superannuation system with government policy on ageing, welfare, health and tax, FSC chief executive John Brogden told the National Press Club yesterday.

“We must embrace the opportunity and lead the debate on taking superannuation from a world-class accumulation system to the world’s best retirement system,” he said.

“The alternative is a rolling, piecemeal and constant set of changes to a system, that undermines confidence and stability.”

The policy will look into tax concessions, access to lump sum payments, aged pension, life ­expectancy, asset test levels, life insurance, reducing the burden of welfare payments, and aged care costs.

While Mr Brogden remains disappointed with the government’s decision to delay boosting compulsory superannuation to 12 per cent, the policy will look into whether that figure can cater for life expectancies moving into the 90s.

AAP