The Association of Superannuation Funds of Australia (ASFA) will intensify its efforts in superannuation adequacy and push the Government to boost the retirement savings of Australians.
"The Government has already indicated to us that they will not be increasing the mandatory superannuation guarantee (SG) levy. Yet they do want to focus on helping those people who have been left behind and assist them in leading a comfortable retirement," ASFA chief executive Pauline Vamos told an audience in Sydney yesterday.
Only 10 per cent of the population will have a comfortable retirement, with 8.5 per cent of men and 4 per cent of women holding a superannuation balance of over 100,000, according to ASFA statistics.
ASFA is hoping to get the current 9 per cent SG increased to 15 per cent by 2015 through incentives and default mechanisms.
"I know there has been criticism in the industry about soft compulsion and whether it engages people with their superannuation and takes them out of advice. International evidence has said that it does engage people and will in fact encourage people to take out advice," Vamos said.
The association will also look at widening the salary sacrifice scheme.
"Only one quarter of the population has access to salary sacrifice. We want to make this initiative more affordable for employers," she said.
