SMSF Members To Increase By One Million

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.

Jassmyn Goh

Money Management

24 July 2017

Recent Posts

See All

ASIC Should Withdraw Its SMSF Factsheet

The Australian Securities and Investments Commission (ASIC) should withdraw its Self-Managed Superannuation Fund (SMSF) factsheet because it contains “an array of seemingly deliberate inaccuracies”, a

SMSFA Points To ASIC Fact Sheet Inconsistencies

The SMSF Association has criticised the corporate regulator’s focus on the risks of SMSFs in its mailout campaign targeting new trustees, saying the data sources used in its fact sheet are inconsisten