Super increases must include plan for secure retirement
20/03/2012 - With the federal government on the brink of reforms that will provide more money for people to retire on, Financial Services Minister Bill Shorten believes it is essential that they are given proper financial advice.
The Senate is expected to pass the government's minerals resource rent tax legislation later on Monday that will help fund the budgetary impact of an increase in the compulsory superannuation guarantee to 12 per cent from nine per cent in increments over a number of years.
Shorten said this will be the first increase in compulsory super since 1992, and it means that young workers in their 20s and 30s have got a far better chance of not retiring poor.
The government also has its Future of Finance Advice reforms before parliament.
"If we are going to create large legislative compulsory savings then our financial services industry has an obligation not to unduly enrich themselves on the way through," Shorten told reporters in Canberra.
"If we are going to create rivers of retirement gold then I want to make sure people aren't unduly helping themselves in siphoning off some of that out of people's accounts through being too expensive or through the provision of poor financial advice."
He said there is a roll-call of Storm, Opus Prime, Trio and other financial collapses that shows there is a need to improve the professional standards and the confidence of the Australian people in the financial planning sector.
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