Alternative objective for super put to government

The Association of Superannuation Funds of Australia (ASFA) has proposed an alternative definition for the objectives of the super system, stating that the definition proposed by the Financial System Inquiry could be “narrowly interpreted”.ASFA chief executive Pauline Vamos said that while ASFA supports the FSI’s proposal to “provide income in retirement to substitute or supplement the age pension”, if “narrowly interpreted, it could mean that superannuation only provides assistance up to the level of the age pension”.