Treasury urged to 'correct record' on super
Labor frontbencher Stephen Jones has accused Treasury officials of misleading a Senate inquiry over claims some super funds were inflating the potential impact early withdrawals would have on retirement savings. More than $6 billion has so far been withdrawn from superannuation accounts under the government’s scheme to allow anyone experiencing financial hardship to withdraw up to 10,000 by June 30. Industry Super Australia claimed if a 30-year-old were to withdraw the maximum amount, it would leave them $97,000 worse off by retirement. Treasury’s retirement income policy chief Robert Jeremenko on Tuesday said the calculations - which differed to the calculations made by ASIC’s MoneySmart - were due to the fund using “nominal figures, rather than real”. Speaking with Sky News, Mr Jones said super funds including inflation deflators in calculations was “absolutely standard practice” and called on Treasury to correct the record. “Unfortunately yesterday, I don’t know whether he misspoke or he just got it wrong, but the information provided to the Senate committee by one of the Treasury officials was just plain wrong on the way some of the modeling has been done …on the cost to individuals of an early drawdown.” the shadow assistant treasurer said. He also urged Treasury to undertake independent modeling to ascertain the impacts of the early withdrawal of super.
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Labor frontbencher Stephen Jones has accused Treasury officials of misleading a Senate inquiry over claims some super funds were inflating the potential impact early withdrawals would have on retirement savings. More than $6 billion has so far been withdrawn from superannuation accounts under the government’s scheme to allow anyone experiencing financial hardship to withdraw up to 10,000 by June 30. Industry Super Australia claimed if a 30-year-old were to withdraw the maximum amount, it would leave them $97,000 worse off by retirement. Treasury’s retirement income policy chief Robert Jeremenko on Tuesday said the calculations - which differed to the calculations made by ASIC’s MoneySmart - were due to the fund using “nominal figures, rather than real”. Speaking with Sky News, Mr Jones said super funds including inflation deflators in calculations was “absolutely standard practice” and called on Treasury to correct the record. “Unfortunately yesterday, I don’t know whether he misspoke or he just got it wrong, but the information provided to the Senate committee by one of the Treasury officials was just plain wrong on the way some of the modeling has been done …on the cost to individuals of an early drawdown.” the shadow assistant treasurer said. He also urged Treasury to undertake independent modeling to ascertain the impacts of the early withdrawal of super.
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