The Australian Bureau of Statistics has found that eight out of 10 self-employed people have no superannuation savings or less than $A40,000. While the Australian Government faces the challenge of meeting the aged pension requirements of people with little retirement savings, super funds have an opportunity to generate business from an untapped resource. Self-employed persons are often too busy to consider retirement funds, and super funds have had difficulty in communicating information to them. Australian Taxation Office data show that an increasing number are claiming deductions for super contributions, but a large percentage of formerly self-employed people still rely on age pension payments.
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