Encouraging a nest egg for a comfortable and secure retirement is what superannuation policy should be about. That should include greater certainty and a bigger say in how superannuation funds are managed.
Examples of what needs to be done:
- Overturn the unacceptable 7-year delay to increase the superannuation guarantee from 9.5% to 12%
- Overhaul the superannuation industry to increase transparency, end fee gouging and require that investment choices are made under increased checks and balances.
- Superannuation funds must be required to hold an annual general meeting where members are entitled to ask questions as to how their fund is performing and how it is being administered.
- Tax breaks for superannuation must be re-calibrated so the greatest benefit is directed to those with the least savings, and a reduced benefit is enjoyed by those with very high superannuation savings.