THE DLP SUPPORTS AUSTRALIA’S THREE PILLAR RETIREMENT SYSTEM
The DLP will introduce legislation to:
Abolish the Superannuation Guarantee age limit.
Re-instate the level of government co-contributions for voluntary member contributions.
Prevent future legislative changes that reduce member benefits.
Introduce government funded superannuation benefits for full time carers.
Abolish the MySuper option.
Require funds to advise members at least annually that they have the right to switch to a fund of their choice.
Require all employee funds to have independent trustees.
Replace annual audits with forensic accounting reports.
Encourage funds to invest in rural and regional Australia.
Remove regulatory hurdles to encourage the development of a corporate bond market in Australia.
The DLP supports Australia’s three pillar retirement system based on savings through compulsory superannuation contributions, supplemented by voluntary contributions, and a safety net provided by aged pension.
The DLP wants to encourage as many Australians as possible to adopt a ‘hands-on approach’ to their savings planning for retirement, to maximize the benefits available to them through the superannuation system.
However, the current age limit on the Superannuation Guarantee unfairly discriminates against older workers and effectively reduces their income. The Superannuation Guarantee currently only applies to workers up to the age of 70. Under the DLP’s plan, the Superannuation Guarantee will apply to any employed worker, no matter his or her age.
KEY POINTS:
ABOLISH SUPER AGE LIMIT
The DLP will abolish the Superannuation Guarantee age limit.RE-INSTATE CO-CONTRIBUTIONS
The DLP will re-instate the government co-contributions for low income member contributions.PREVENT LEGISLATIVE CHANGES
The DLP will legislate to prevent future changes that reduce member benefits.CARER SUPERANNUATION
The DLP will introduce government funded superannuation benefits for full time carers.RIGHT TO SWITCH FUNDS
Super requirements change over the years, and particularly as you approach retirement.
We will require funds to tell members at least once a year, that they have a right to change funds.INDEPENDENT TRUSTEES
The DLP will require all employee funds to have independent trusteesFORENSIC ACCOUNTING REPORTS
The DLP will replace annual audits with forensic accounting reports.
