7 December 2023
Government proposed changes to financial advice will help more Australians get the quality information they need to plan for retirement, says the Super Members Council (SMC).
With about 2.5 million Australians expected to retire over the next 10 years, providing high-quality advice in a cost-effective way at scale is a major missing piece in the retirement puzzle.
Super funds are the first port of call for many nearing retirement with SMC analysis of Susan Bell Research showing three quarters of Australians would trust the financial advice provided by funds.
“From a system level, we need to ensure that Australians can easily get the information they need to plan for retirement while keeping vital consumer protections,” Executive General Manager Policy Mel Birks said.
“Super funds are trusted sources of information on super and retirement for their members and should be provided with the right legislative and regulatory tools to meet members’ needs,” Ms Birks said.
“The proposed expansion of the scope of advice funds can provide will allow thousands more Australians approaching retirement to get the simple advice they need to make the best of their financial position.”
Allowing funds to provide advice that considers some of their members’ key broader financial circumstances, such as debt and assets as well their partner’s income, will lead to better tailored advice.
That funds will be able to answer basic questions from members about retirement and pension eligibility, will ensure Australians are better informed about retirement and more confident in the system.
We look forward to reviewing the detail of the proposals and continuing to work with government on the draft legislation when it is released to ensure more Australians can obtain and receive advice that is in their best interests.
About us:
About the Super Members Council
The Super Members Council (SMC) is the new collective voice for profit-to-member superannuation funds, representing more than 10 million Australians and their $1.4 trillion in assets. Our primary purpose is to protect and advance the interests of super fund members throughout their lives. SMC advocates on their behalf to ensure superannuation policy is stable, effective, and equitable.
Contact details:
James Dowling: 0429 437 851 jdowling@smcaustralia.com