Bill's Media Releases

NEXT STEPS: CHARTER OF SUPERANNUATION

Speaking at the Queensland Media Club today, the Minister for Financial Services and Superannuation Bill Shorten invited all Australians to have a say on the future of their superannuation.

 The Minister announced plans to progress the Charter of Superannuation Adequacy and Sustainability by establishing a Charter Group which will conduct consultations.

 The Honourable Alan H Goldberg AO QC, Mr Ross Jones, Deputy Chair and Member of the Australian Prudential Regulation Authority (APRA), Mr Jeremy Cooper, Chairman, Retirement Income at Challenger Limited, Ms Elana Rubin, former Chair of AustralianSuper and Mr Steve Tucker, former Chief Executive Officer of MLC have been appointed to the Charter Group.

The Discussion Paper: Charter of Superannuation Adequacy and Sustainability and Council of Superannuation Custodians released today by the Minister provides a framework for consultation.

 The Charter is being developed against the core principles of certainty, adequacy, fairness and sustainability.

 “The purpose of the Charter is to enshrine the core objectives, values and principles of our superannuation system for the long term,” Minister Shorten said.

 “This is about ensuring working Australians feel confident that the investment they’re making now is going to provide for a comfortable retirement.”

 The Charter Group will also seek input on the establishment of a Council of Superannuation Custodians.

 The Council will act as an impartial, expert superannuation body which protects the integrity of the scheme and ensure the policy settings are consistent with the core objects, values and principles.

 “As with the Reserve Bank on monetary policy, the Council will be required to consider the interests of all Australians when reviewing superannuation policy,” Mr Shorten said.

 The Council will report annually on the adequacy, performance and sustainability of superannuation, as well as make recommendations to Parliament for improvements.

 “The Charter and Council will ensure that Australia's superannuation system is protected and enhanced for future generations.”

 “I’d encourage all Australians with an interest in superannuation to have their say,” Minister Shorten said.

 Superannuation contributes significantly to national savings, employment, financial stability and economic growth. Superannuation in Australia today is worth about $1.5 trillion and is expected to rise to around $6 trillion by 2037.

 The Discussion Paper and Terms of Reference can be found by visiting www.treasury.gov.au/supercharter

Consultation closes on Friday 21 June 2013.

MEDIA CONTACT: Sam Casey 0421 697 660