New alliance seeking fairer retirement outcomes

National Seniors has joined an alliance to explore ways of fixing problems with existing superannuation taxation, Age Pension means test, and broader retirement income systems.

The formation of the Alliance for a Fairer Retirement System was made in response to Labor’s proposal to disallow refunds of excess franking credits for a range of retirees and shareholders.

The associations represent millions of senior Australians, shareholders, self-funded retirees and those planning a sustainable retirement, including more than one million members of self-managed super funds.

“National Seniors’ charter is to improve the lives of all older Australians,” said National Seniors Chief Advocate Ian Henschke.

“Let’s hope this issue triggers a broader debate on systemic tax reform to fund sustainable, fair, private and public pensions. We’ll be working hard for that outcome.”  

The Alliance comprises the Australian Shareholders’ Association, Australian Listed Investment Companies Association, National Seniors Australia, SMSF Association, Self-managed Independent Superannuation Funds Association, and Stockbrokers & Financial Advisers Association.

Other groups were expected to join the Alliance shortly, spokeswoman Professor Deborah Ralston said.

But more evidence-based research and policy development, along with increased bipartisan support, were needed to complete the development of Australia’s retirement income system.

“Once that development has been completed, there needs to be a period of ongoing stability for the system so that Australians can plan for their retirement with confidence,” Prof. Ralston said.

The Alliance was considering a report prepared by financial services consultant Michael Rice on the implications of Labor’s proposed policy on franking credits.

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