List of recommendations

  1. That there should be legislation establishing a Super Council that would administer a Super Charter along the lines of the Charter in Appendix A to this report.
  2. That a Super Council be formed substantially along the lines outlined in this report.
  3. That the Council perform an advisory function only and that it have no regulatory powers, but that it does have the power to initiate its own inquiries into matters connected with the Charter principles.
  4. That the Council be independent of government and that its members be called ‘guardians’.
  5. The basis on which people could be appointed to the Council as guardians should be as set out in Appendix B to this report.
  6. That the Council consult widely with stakeholders on proposed changes to superannuation.
  7. That, where appropriate, the Council recommend that there be a lead time between a legislative change and it taking effect.
  8. That the Council derive and administer an appropriate benchmark for assessing the cost of tax concessions available to superannuation and the impact of future policy or rule changes on the cost to the budget.
  9. Each report of the Council on proposed change to superannuation would clearly certify whether or not the Council considered it complied with the Charter principles.
  10. That the Council establish and administer a confidence index that measures people’s satisfaction with the superannuation system.
  11. That otherwise the various conclusions in this report be put into effect after further consultation on the terms of the Charter.