Note: SuperGuide has invited advocacy group, Save Our Super, to explain the importance of ‘grandfathering’ existing rules when significantly adverse changes to super and age pension law are introduced. The authors of this article, Jack Hammond QC, founder of Save Our Super, and Terrence (Terry) O’Brien, a retired Treasury official, have kindly shared their decades of expertise and experience. The authors have referred to themselves in the third person, to provide greater clarity for our SuperGuide readers.
Background: Save Our Super was formed by Jack Hammond QC after Treasurer Scott Morrison’s 2016 Federal Budget. Jack was motivated by the sense of instability in policy and injustice to savers that arose from that Budget’s measures, including the reduction from 1 July 2017 in the permissible discretionary (concessional and non-concessional) contributions of savings to superannuation, and the increase in tax on retirement income from superannuation. (A link to the Save Our Super website, and a list of SuperGuide articles on the July 2017 changes, appear at the end of this article.)