SMC wants super preservation cemented in law

Mike Taylor

Managing Editor/Publisher, Financial Newswire

10 September 2024

With the use of superannuation for housing looming as a key federal election policy differentiator between the Government and the Liberal/National Party Opposition, the Super Members Council (SMC) is urging Senators to pass legislation enshrining “preservation” in law.

The SMC wants Senators to swiftly pass the Superannuation Objective Bill when it comes to the chamber this week, with SMC chief executive, Misha Schubert stating the legislation reflects the clear and compelling purpose that superannuation is money for retirement.

“The ‘Objective of Super’ legislation reflects that clear and compelling purpose in ironclad law. It will be a guiding light for all future super policy development.”

“We strongly support the legislation. It will ensure super stays strong and secure – and continues to deliver a financially secure retirement for millions of everyday Australians, including today’s retirees.”

“An agreed objective of super supports more stable, effective and equitable policy settings and reinforces the strong system fundamentals needed to successfully evolve the system,” Schubert said.

The SMC statement said the legislation says super’s role is to preserve savings to provide income in retirement in an equitable and sustainable way.

“Importantly, the Superannuation Objective Bill safeguards super’s preservation policy – the principle that the clear purpose of super is to deliver retirement income – in law.”

“The goal of legislating an Objective of Super has long held bipartisan and cross-party support – and we urge the Senate to pass this important piece of legislation this sitting fortnight,” Schubert said.