Much has already been written and said about the Productivity Commission’s report into superannuation. But this quote from Industry Super Australia chief executive David Whiteley, as reported in the AFR, makes the cake. When commenting on the recommendation that workers be defaulted into a fund only once in a lifetime, Mr Whiteley said:
This means that teenagers are being asked to make decisions about their retirement. You couldn’t find a cohort of our community less informed, less engaged and less interested in retirement than teenagers. It’s quite baffling.
Dear Mr Whitely, here is a starting list of people could are less informed, less engaged and less interested in the retirement of the teenagers whose money is being force-ably taken away:
- Mr David Whiteley
- Industry Super Australia
- 99% of Industry Funds
- 99% of Retail Funds
- 100% of financial planner working on commission
There are many more for this list, but the point is made. No-one cares more about their health, wealth and happiness than the person whose health, wealth and happiness is at question. And certainly not anyone or any organisation whose economic prosperity relies on clipping the wealth of said person.
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