The Alliance for a Fairer Retirement System
The Alliance for a Fairer Retirement System is an informal collaboration of various associations that share a mutual interest in promoting reforms to Australia’s retirement system to achieve a fairer system for all. Together we represent the millions of senior Australians, shareholders, self-funded retirees and those planning a sustainable retirement.
ASA is a founding member of the Alliance. Other members include the Self Managed Superannuation Fund Association, National Seniors Australia, Australian Listed Investment Companies Association, Self-managed Independent Superannuation Funds Association, Stockbrokers & Financial Advisers Association, Association of Financial Advisers, Association of Independent Retirees, Australian Investor Association, Gold Coast Retirees and WA Self Funded Retirees.
Objectives of the Alliance
The principles held by the Alliance for a Fairer Retirement System are adequacy, sustainability, certainty and fairness. The Alliance is encouraging the government to commission a review of the retirement income system, so that sound policy can be implemented.
Alliance spokesperson Professor Deborah Ralston notes that the Alliance will contribute substantially to the debate on improving retirement outcomes for all Australians. The Alliance is keen to promote evidence-based research and policy development and increased bipartisan support to complete the development of Australia’s retirement income system.
The Alliance is of the view that an important objective for government is to encourage older Australians to save for retirement and to support the majority of retirees (58%) who take pride in being either fully or partly self-funded in retirement. This majority includes many self-funded retirees and almost half of the current 1.1 million SMSF trustees who are either in the pension phase, or who will move into that phase shortly.
Building a successful retirement income and superannuation system requires public confidence in the efficiency and fairness of the system and ASA was heartened that the Federal Government elected in May 2019 had committed to ensuring that the superannuation sector would enjoy stability for the next three years. The Treasurer has announced that the government will act on the Productivity Commission’s recommendation to review the retirement income system, which we welcome, so that any reform takes into consideration the interaction of superannuation, taxation and retirement income policy. ASA’s objects as set out in our constitution include ASA representing, protecting and promoting the interests of investors in superannuation, among other matters, and we will advocate for sound policy that ensures ongoing stability of the system.