Skip to content
Finance Investment, Political

Advice reforms to provide Australians the information they need to plan for retirement

Super Members Council 2 mins read

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

More from this category

  • Finance Investment, Oil Mining Resources
  • 23/02/2024
  • 12:11
Critical Minerals Group (ASX:CMG)

Critical Minerals Group (ASX:CMG) Welcomes Groundbreaking Vanadium Battery Manufacturing Agreement in Townsville

Sydney, Australia 23 February 2024 - ASX listed vanadium developer, Critical Minerals Group (ASX:CMG), is thrilled to announce its enthusiastic support for the recent collaboration agreement that marks a significant milestone in the establishment of a vanadium flow battery manufacturing supply chain in Townsville, North Queensland. In a joint statement, Queensland Premier, The Honourable Steven Miles, and the Queensland Minister for Resources and Critical Minerals, The Honourable Scott Stewart, announced a non-binding collaboration agreement between Vecco Group, Sumitomo Electric, and Idemitsu. This group aims to manufacture, market, sell, and deliver batteries from North Queensland. Based on publicly announced projects, globally…

  • Contains:
  • Finance Investment, Oil Mining Resources
  • 23/02/2024
  • 11:08
Conrad Asia Energy Ltd (ASX:CRD)

Conrad Asia Energy Ltd (ASX:CRD) – Ministerial Approval of Mako Gas Price & Allocation

Conrad Asia Energy Ltd (ASX:CRD), a leading natural gas exploration and development company focused on Asia, is thrilled to announce a pivotal advancement in the Mako field project within the Duyung Production Sharing Contract (PSC). The Indonesian Minister of Energy and Natural Resources has officially approved the gas price and volume allocation for the Mako project, marking a significant milestone in the project's development and the country's energy sector. This approval, conveyed through an Allocation Letter from the Indonesian Minister of Mining and Natural Resources, sets the stage for Conrad to finalize fully termed Gas Sales Agreements (GSA). It signifies…

  • Contains:
  • Finance Investment, Oil Mining Resources
  • 23/02/2024
  • 10:47
American Rare Earths Limited (ASX: ARR)

American Rare Earths Limited (ASX: ARR) – A$13.5m Placement to advance Halleck Creek Project

American Rare Earths Limited (ASX: ARR | ADRs – OTCQX: AMRRY | Common Shares – OTCQB: ARRNF) (“ARR” or the “Company”), a leader in the exploration and development of critical minerals essential for the clean energy transition, is thrilled to announce the successful completion of a placement that raised A$13.5 million through the issuance of 45 million new fully paid ordinary shares at an issue price of A$0.30 per share (“Placement”). This significant capital injection was met with strong enthusiasm from both existing shareholders and new institutional investors, underscoring the market's confidence in ARR's strategic direction and its commitment to…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.