On 5 April 2013 the Government announced it would establish an agreed Charter of Superannuation Adequacy and Sustainability and create a Council of Superannuation Custodians to serve as guardians of the Charter and ensure that any future changes to superannuation are consistent with Charter.
On 9 May 2013, the Minister for Financial Services and Superannuation announced the appointment of Alan Goldberg, Elana Rubin, Jeremy Cooper, Ross Jones and Steve Tucker to a Charter Group, which will consult and advise the Government on the development of the Charter and the establishment of the Council.
The Charter will be developed against the principles of certainty, adequacy, fairness and sustainability. The Charter will enshrine the core objectives, values and principles of the Australian superannuation system.
The Council of Superannuation Custodians will be charged with assessing future policies against the Charter and providing reports to be tabled in Parliament.
In addition, the Council will provide an annual report on the superannuation system against the Charter, also to be tabled in Parliament.
Membership of the Council will be finalised following the outcome of this public consultation process, but could comprise eminent representatives drawn from the community, superannuation, legal, academic, public policy, business, union and regulatory sectors.
By establishing an independent and robust institutional framework through which all future superannuation changes are measured, the Council and Charter will ensure that Australia's superannuation system is enhanced and protected for generations to come.
The purpose of this paper is to assist the consultation process.