Boosting super through roundtable
A new superannuation roundtable will work on providing Australians with more options to boost their retirement savings, the government says. The roundtable will reportedly examine ways to provide superannuation concessions and the choices available in the drawdown phase for retirees.
A new superannuation roundtable will work on providing Australians with more options to boost their retirement savings, the government says.
The roundtable will reportedly examine ways to provide superannuation concessions and the choices available in the drawdown phase for retirees.
Chairing the meeting is Minister for Financial Services and Superannuation Bill Shorten, who will be joined by members from the superannuation industry, small business, employees, the community sector, experts and academics.
“As part of this initial work, the roundtable will consider compliance cost issues raised by the superannuation industry in relation to the new higher concessional contributions cap for individuals aged 50 years and over who have less than $500,000 in superannuation,” a joint statement from Treasurer Wayne Swan and Mr Shorten stated.
The roundtable will examine proposals to expand options in the drawdown phase, like annuities and deferred annuities, as well as appropriate offsetting savings.
Reforms to make superannuation concessions fairer for low-income workers and boost the equity of the retirement income system have included:
- Raising the compulsory superannuation guarantee from nine to 12% by July 2019.
- A new low-income contribution of up to $500 a year from this July.
- Abolishing the 70-year-age limit on the superannuation guarantee from July 2013.
