Super reforms a big step forward for pensioners and superannuants

“Pensioners and superannuants welcome the findings of the Cooper Review which will help boost retirement incomes and increase transparency of the superannuation industry.” said Antoine Mangion, CPSA Policy/Research Officer.

“The creation of a default super fund that really works for members as well as measures to lower fees will have a direct benefit to people’s superannuation investment returns.

“Currently, the system heavily favours the super industry. People are not made fully aware of how fees are charged or work and are unable to comprehensively compare between funds. Such a disengaging system has led to consumer apathy and indifference.

"For these reasons, CPSA welcomes the proposals to improve governance and transparency along with making it far easier to compare products and transfer between funds. People should not be penalised if they do not feel financially literate or wish not to be fully engaged in the whole process. These proposals will give members greater control and greater security.

“CPSA is concerned, however, that there still remain some missed opportunities to make the super system a truly equitable one. People with broken workforce patterns, including casual or part-time workers, as well as those with caring roles, or who fall ill, are disadvantaged because they cannot accumulate enough superannuation in time for their retirement. Though the proposed reforms will benefit these groups to some extent, they will still be behind the eight-ball when it comes to adequate retirement incomes.”

Media contact: 0410 612 182

Antoine Mangion

Policy/Research Officer

Media contact: 0410 612 182

Charmaine Crowe
Policy Coordinator
Combined Pensioners and Superannuants Association (CPSA)
Level 9, 28 Foveaux Street Surry Hills NSW, 2010
Phone (02) 9281 3588
Mob 0410 612 182
Fax (02) 9281 9716