Government bolsters funds for super regulation
Government bolsters funds for super regulation
Staffing levels at the prudential regulator will rise and consumer advocates will be given more cash under new measures outlined in Tuesday’s budget.
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As outlined in the federal budget papers, the government has committed $11.2 million over four years from 2021-22, as well as $3.1 million per year ongoing, to support stronger consumer outcomes in superannuation.
It has built on a prior allocation of $159.6 million over four years from the 2020 budget, to implement super reforms for boosted member outcomes.
The new package includes $9.6 million for APRA to supervise and enforce increased transparency and accountability measures as part of the Your Future, Your Super reforms, which if passed, will take effect from July.
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The Association of Superannuation Funds of Australia (ASFA) has welcomed the push from the Government’s reaffirmed commitment to increasing the superannuation guarantee (SG) to 12%, which was announced in the Federal Budget earlier this week, and said it was
an important step towards providing adequate retirement savings, particularly for women and younger Australians.
ASFA also supported the package of additional measures aimed at boosting women’s retirement savings and increasing flexibility for retirees to make contributions and access income streams which included:
Abolishing the $450 a month earnings threshold for the payment of the SG;
The removal of the work test (for those aged 67 to 74) for superannuation contributions;
Checked for accuracy by our qualified fact-checkers and verifiers. Find out more about fact-checking at CHOICE. Need to know
The 2021 Budget includes a measure to make it easier for people in divorce proceedings to get their fair share of super
A proposal to give victim-survivors of domestic or family violence early access to super has been scrapped. Domestic violence organisations say there are more effective ways to provide assistance
The 2021 Federal Budget included a range of measures to boost the economic security of women. These include a long-proposed idea to help people going through a divorce get their share of super, and initiatives to assist victim-survivors of domestic violence.