Industry Super Network (ISN) today welcomed the Federal Government announcement that it would reform Australia’s financial planning industry in line with best practice public policy and consistent with international financial services sector reform.
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A major new report on retirement intentions by industry super funds shows why the superannuation guarantee must be lifted from its current rate of 9% of wages to the more sustainable figure of 12%, as the Federal Government has proposed.
The raising of the Superannuation Guarantee to 12 per cent and the introduction of the low income super contribution legislation represent significant wins for industry super fund members.