The Gillard Government will establish a Council of Superannuation Custodians to ensure that any future changes are consistent with an agreed Charter of Superannuation Adequacy and Sustainability.
The Charter will be developed against the principles of certainty, adequacy, fairness and sustainability. The Charter will clearly outline the core objects, values and principles of the Australian superannuation system, or as Paul Keating put it:
“The basic objective of the Government’s retirement incomes policy is to ensure that all members of the population have an adequate and secure level of income in retirement.”
The Council will be charged with assessing future policy against the Charter and providing a report to be tabled in Parliament.
The Council will provide an annual report on the superannuation system against the Charter which will also be tabled in Parliament.
The Government will consult on the content of the Charter and the makeup of the Council. The Council will be supported by a secretariat funded from within existing departmental resources.
Membership of the Council will be finalised following public consultation, but it is expected to comprise eminent representatives drawn from the community, industry and regulators.
To assist with industry consultation, it is proposed to establish a Charter Group in the coming weeks to help develop the Charter and establish the Council.
By establishing an independent and robust institutional framework through which all future superannuation changes are measured, the Council and Charter will ensure that the Labor legacy of superannuation is enhanced and protected for generations to come.
5 APRIL 2013
Ryan Liddell (Deputy Prime Minister and Treasurer) 0427 225 763
Sam Casey (Minister for Financial Services and Superannuation) 0421 697 660