The modern superannuation system in Australia has served working Australians and the economy well. The unique compulsory retirement savings system is a key foundation of Australia’s retirement system. There are currently a number of reviews relating in whole or part to the superannuation system. These joint submissions highlight the simple fact that for many Australians the greatest impact on the level of their retirement savings will be the non-payment of the correct superannuation entitlements.
This submission is made jointly by the Australian Council of Trade Unions (ACTU), The Industry Super Network (ISN), Industry Funds Credit Control (IFCC) and the Australian Institute of Superannuation Trustees (AIST).
The parties to these submissions have been involved in enforcement of superannuation guarantee entitlements since the commencement of the superannuation guarantee and welcome the opportunity to make these submissions.
These submissions offer a number of proposed solutions to an ongoing problem impacting on the retirement savings of millions of Australians.