The government is consulting on the Superannuation (Objective) Bill 2023 and Superannuation (Objective) (Consequential and Transitional Provisions) Bill 2023.
The draft legislation and explanatory materials reflect the feedback received from stakeholders on the need to legislate the objective of superannuation to provide a shared direction for government, the superannuation industry and Australians.
The proposed objective of superannuation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
The objective does not alter superannuation trustee’s existing obligations or how members money can be invested or accessed but it does serve as a reminder to them of their role in the super system, including to support members holistically during their working life, and their transition to retirement.
The draft legislation ensures that future changes to the superannuation system are compatible with its objective by requiring policy‑makers to assess proposed changes to super legislation for compatibility with the objective.
The government is seeking stakeholder feedback on the draft material including legislation, consequential and transitional provisions and explanatory materials.