Raiding Superannuation                                                                                                                                          

Compulsory superannuation was introduced into the financial mix to provide Australians with a secure retirement lifestyle. If commenced early in one's career and managed well, it has the capacity to replace, or at least supplement, the old-age pension. This not only benefits the recipient, but in reducing reliance on the pension, allows treasury funds to be diverted to other worthwhile taxpayer-funded areas such as education and health.

As I write, certain political parties are pressuring the government to allow money to be withdrawn from the accounts of people currently experiencing financial hardship, their main argument being that this money belongs to the people concerned and they should have the right to determine how their money is managed.

The premise they base their argument on, that this money 'belongs' to the people concerned is incorrect. They do not own the superannuation monies. 

These funds are held in trust for the person they will become when they retire from the workforce and should continue to be held in trust for that purpose.