Fund manager Mercer has voiced its support for the idea that superannuation balances should be capped at $5 million, a stance already favoured by the likes of Super Consumers Australia and the Australian Institute of Superannuation Trustees.
Mercer’s David Knox says the people that benefit the most from super tax concessions are those that need them the least, namely high-income earners.
Research by Mercer has found that the tax concessions available to self-managed super funds with balances of more than $10 million could fund 240,000 full age pensions.