Rest, one of Australia's largest profit-to-member superannuation funds, believes the legislated objective of superannuation introduced by the Australian Government today will help enhance retirement outcomes for its members and contribute to a fairer and more equitable system.
The Superannuation (Objective) Bill 2023 proposes that: "the objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way".
Rest Chief Executive Officer Vicki Doyle said the fund’s nearly two million members, including more than one million women and one million members aged 30 or younger, would benefit from reforms that made the system fairer and more equitable.
"Many Rest members work in part-time, casual and lower-income jobs, and often retire with modest account balances. Their best-possible retirement outcome is often a combination of their retirement savings, the Age Pension and other government support," said Ms Doyle.
"We are dedicated to helping members maximise their retirement savings. Improving the super system to make it more equitable and sustainable, and enshrining the importance of preservation, are critical in achieving this.
"The objective defined by the Government, and the requirement that all future super-related legislation is compatible with the principles of preservation, equity and sustainability, are a positive step forward for our members and all working Australians. We urge the Parliament to pass the bill at the earliest possible opportunity."