A million Australians are expected to enter into a self-managed superannuation fund (SMSF) in the next decade, according to the SMSF Association.
Speaking at a function last week, the SMSF Association’s chief executive, John Maroney said the association’s research showed that the growth of the SMSF sector has been driven by a strong desire by retirees for greater control of their financial destiny and more flexibility in their super arrangements.
“SMSFs are not for everyone, but more than one million Australians have chosen this superannuation option, and we expect another million Australians may follow suit over the next decade,” he said.
Maroney encouraged all sectors of the super industry to collaborate to boost confidence in the system and that the Global Centre of Excellence for Retirement Savings would reinforce the association’s leadership of the SMSF sector by providing research, policy positions, and thought leadership.
Also speaking at the event, Minister for Revenue and Financial Services, Kelly O’Dwyer, said: “The fact that individuals have freedom of choice over their own savings is a principle this Government supports, and we now see the self-managed sector emerging as one of the most dynamic parts of the financial system”.
“SMSFs have provided the Australia’s economy with a shot in the arm — creating jobs and supporting economic growth,” she said.
24 July 2017