19 Jun 12 Superannuation reforms research results
In media release No 2012/031, issued 18 June 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of research, commissioned by the ATO, about the Government's superannuation reforms. In total, 11 reports have been prepared.
The Minister said that the research shows broad support for the superannuation system, but many people continue to find it a difficult topic to understand.
Key research findings showed that:
- people’s level of interest with their super varies depending on how old they are, how financially literate they are and the amount of superannuation they have saved;
- the majority of people across all age groups were not confident they would have enough superannuation to retire and live comfortably on; and
- overall, employers believe that super is beneficial to their employees and the general Australian population to reduce the reliance on the pension.
The ATO says that findings from the research will be used to guide and inform the development of the ATO's strategic approach for the introduction of the government's super reform package. The findings will mainly help the ATO:
- design and implement new administrative systems and processes to support the government's super reform package
- develop communication activities to assist and support the wider Australian community to understand the super reforms.