What is Stronger Super?
By 2050 almost one in four Australians will have reached retirement age, compared to one in seven today, and it is estimated that Australians will run out of their retirement savings half way into their retirement. Today, 80% of Australians are disengaged with their superannuation.*
In 2013, the Federal government introduced a suite of super changes known as the Stronger Super reforms. The intention of the reforms is to deliver a stronger, more efficient super system, aimed at maximising Australians retirement savings.
Stronger Super is considered the most significant change to the superannuation system since the introduction of the Superannuation Guarantee in 1992.
The key elements of these reforms which impact employers and their employees are:
* Source: The Hon Bill Shorten MP, Assistant Treasurer and Minister for Financial Services and Superannuation, 2010, Commonwealth of Australia 2010.