20 February 2023
Objective of super will secure and enhance the retirement outcomes of all Australians
The Association of Superannuation Funds of Australia (ASFA) has today endorsed the Government’s proposed Objective of Superannuation as an inflection point in the evolution of Australia’s world-class retirement income system.
“The proposed Objective places preservation, retirement income, equity, sustainability and a dignified retirement at the heart of superannuation policy while recognising the ongoing role of the age pension,” said ASFA CEO, Dr Martin Fahy.
“As the largest defined contribution pension system in the world, this objective offers a retirement aspiration which is fit for purpose, and worthy of our commitment to a future where all Australians can face into retirement with confidence.
“The Government has proposed an objective that can underpin much needed policy stability and help anchor future policy debates in ensuring our age pension remains affordable, that superannuation savings are preserved to retirement, and that the system delivers in an equitable manner for women and low-income earners.
“ASFA has been strongly committed to the formalisation of an objective for superannuation that holds stakeholders across the system accountable for the long-term retirement outcomes of Australians and which encourages stability in the policy settings.
“Thirty years on from the introduction of the Superannuation Guarantee, this proposed objective opens the next chapter in the Australian superannuation story,” he concluded.
For further information, please contact:
ASFA Media team, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.