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Objective of Super Submission

Objective of Super Submission

30 March 2023
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Summary
Summary Types of retirement capital held by older people: 90% of respondents aged 50+ held savings in superannuation, with bank accounts at 51.3%. Practical benefits or risks of legislating an objective for superannuation: National Seniors Australia supports the idea but warns against being overly prescriptive. Superannuation plays a critical role in supporting consumption in later life. Maintaining control over capital: Older people value control over their capital and access to it. Mandating a rigid objective risks negative consequences. Access to capital for irregular costs: Access to capital is needed for irregular costs like medical expenses. Concerns about restricting access to retirement funds: Emphasis on linear retirement path may not fit all situations. Proposed objective should consider accumulation phase, not just drawdown phase. Proposed changes to objective: Emphasize providing income in retirement while also considering the importance of capital. Replace "dignified retirement" with "comfortable standard of living" in the objective. Government support should not be included in the objective.
Objective of Super Submission

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Giving older Australians a better future

National Seniors is a not-for-profit membership and advocacy organisation that gives older Australians – working and retired – a strong national voice. We tackle issues such as age discrimination, mature age employment, the Age Pension, social inclusion, cost of living concerns and more.

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