More of Australia’s biggest super funds have joined the call for a $5 million limit on account balances while Mercer is pushing for an even lower cap of $3.4 million,
Steven Siewert
“If people have got superannuation balances in excess of $100 million, or even $50 million, I think it’s pretty hard to argue that that’s about retirement income. The $3.4 million represents double the current transfer balance cap of $1.7 million – though that is set to rise by $200,000 on July 1 thanks to indexation – and Dr Knox argued that this calculation should be used to determine total super balance caps going forward.Cbus chief executive Justin Arter pointed out that the average member of his fund had about $80,000 in their accounts, which was “about what” some large super accounts earn in tax concessions annually.
He said paying super on parental leave was a “commonsense change” and that he “hoped that government” listened to the industry’s continued calls for reform.CareSuper chief executive Julie Lander said that the “reform [was] long overdue” and would be beneficial for all primary carers, but particularly for women.
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