The accuracy of the content is not guaranteed. Please rely only on the authorised document. The Australian Retirement Income Streams Association has welcomed the Treasurer's comments on a review of superannuation and has called for a two staged approach. The Chairman of ARISA, Mr Tony Negline, said the first stage was a simplification of current legislation and regulations of superannuation, while the second stage would involve the development of a major policy position on the whole issue of national savings, including superannuation. "ARISA believes the current superannuation and social security system needs simplification, which in turn will lead to lower administration costs, more competition and therefore more benefits for consumers," Mr Negline said. "The current system does not need major changes. Rather it needs a number of legislative and regulative changes to make it simpler, and therefore easier for consumers to understand. "The Government has signalled that it is focused on the implementation of the GST over the next 6 months, however we believe that a simplification process should begin in the near future." "It is absolutely crucial that such a review involve not only Government, but all associations representing superannuation funds and providers, such as ARISA. We call on Government to also consult with groups representing financial planners, accountants, lawyers, consumers and retirees. This will help to produce a review which has a single, coherent approach to moving forward in this important area," Mr Negline said. He added "the success of such a review will also require a commitment from the Government, including public statements of support, attendance at industry forums, and access to the resources and information of the Retirement Income Modelling Taskforce, Treasury, ATO, APRA, ASIC and DFaCS." "The next political cycle will be the lead up to the next election. We believe that all Parties should be developing policies which outline a national savings agenda, including pre and post retirement issues such as adequate savings, retirement incomes, health and social factors." Some of the areas ARISA believes require particular review include:
These will be put in a form which the Government can then consider for action. ARISA does not see the process as one which binds the Government to the outcome, but rather as a process of continual improvement and discussions with industry and the community.
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