Actuaries Institute superannuation committee head and Towers Watson boss Andrew Boal has added his voice to the call for a $2.5 million cap on super. Photo: Jesse Marlow
Peak bodies representing retail and industry super funds, actuaries and the Grattan Institute have backed a call to limit retirement balances to no more than $2.5 million.
BT Financial Group chief executive Brad Cooper last week said the government should cap at $2.5 million the amount people can accumulate in superannuation.
"We welcome the support for the the call for a $2.5 million super cap, which reflects our policy," Association of Superannuation Funds Australia chief executive Pauline Vamos said.
The Actuaries Institute also used its submission to the government's tax inquiry, which closed on Friday, to call for a super cap of $2.5 million.
Will the $2.5m be indexed and raised annually against CPI?
Its not investors fault that the current governments of the world are making high inflationary choices.
That 2.5m cap in less than 10 years will be equal to $1.5m in todays money and $500k in 20 years.
You need to remember people are living a lot longer these days and not dropping dead 4-5 years after retiring from a life of slavery.
If someone is prepared to put away their funds until they reach 65 and remove themselves from being a burden on the tax payers then good on them.
Superannuation is NOT a PIGGY BANK for politicians to raid.
I think its time we started putting governments on a diet (lets start with them driving instead of private helicopter flights) before they start raiding money that investors have put away to fund the last 20 to 30 years of their life..