Changes that allow retirees to contribute to super later in life have come at a good time to offset the recent impact of inflation on fund balances.

A change of government is a good time to remind those in Canberra that superannuation belongs to fund members and is not a tool for political and budgetary ends.

Research released earlier in the year has redefined the minimum asset balance that renders an SMSF competitive with public offer fund performance.

This year’s budget had no new changes to superannuation but lacked any details about changes to legacy pensions, residency rules and how the government will address the over-reach of the non-arm’s-length expenditure provisions.

Compliance and performance problems in large superannuation funds may go to prove SMSFs are the right choice for those who run their own fund.

The opposition has flagged its big picture view of how it will treat superannuation if it wins government at the next election and, at this stage, appears compatible with the direction and purpose of SMSFs.

Australians are far more sensible when it comes to using their superannuation than they have been given credit for and more trust should be placed in the fact that most use their retirement savings wisely.

Personal investment philosophies cannot be put in front of an SMSF trustee’s obligation to ensure their fund is meeting the sole purpose test of providing retirement benefits for fund members.

The speed at which changes to superannuation announced in the budget have been introduced into parliament is welcome but of far greater import is the time and cost savings they will give SMSF trustees.