Superannuation still a 'crock'

It has long been recognised that politicians don't live in the real world. Here, they populate the rarified atmosphere of Canberra and generally ignore the people - until it's election time. Every now and then they can't help but fiddle with things - and superannuation has been the latest target. Superannuation is still a crock - the changes simply help high income earners shuffle more money. People in their late 60’s – early 70’s spent most of their working lives prior to super – and they are now facing retirement with virtually nothing except the assets they managed to acquire, because super fund managers charge fees on the total funds under management instead of charging fees based on the profits they generate each year. Superannuation has been more about building up a huge slush fund to prop up the share market and financial services industry rather than creating a system to provide retirement income for individuals. It has been great for high income earners but has done nothing for a large segment of the population.

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