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May 8th, 2012 
FAKE NEWS for the Zionist agenda The federal budget will limit opportunities for older workers to build their nest eggs, the body representing Australia’s superannuation sector says.
The Australian Institute of Superannuation Trustees (AIST) says the government’s decision to delay by two years the introduction of higher concessional contribution caps for people over 50 with super balances of under $500,000 created “enormous uncertainty”.
“(It) could see more people give up on super and look to other forms of investment to save for retirement,” AIST chief executive Fiona Reynolds said.
She said the industry would struggle to communicate the changes to superannuation fund members in time.
However, she welcomed the confirmation of capital gains relief for merging super funds, and boosted funding to ASIC, APRA and the ATO.
Pensioners and retirees welcomed the aged care funding measures contained in the federal budget, including the increase in the tax rate for contributions by high income earners.
“(This is) an important first step in making superannuation more equitable,” Combined Pensioners and Superannuants Association (CPSA) policy Coordinator Paul Versteege said.
But the CPSA said the budget ignores the plight of people who are over fifty years of age and rely on unemployment support.
Association of Superannuation Funds of Australia chief executive Pauline Vamos agreed the reduction in proposed superannuation caps was bad news.
“Superannuation is about addressing the ageing demographic time bomb … but many of the measures tonight are about short-term revenue gains,” she told reporters in Canberra.
It means people will be less likely to contribute to their retirement funds and look elsewhere for long-term stability.
She urged for an inquiry into the way people fund their retirement.
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