This Phase Three: Structure Issues Paper has been issued concurrently with the Review’s Phase One — Preliminary Report. The Phase One — Preliminary Report sets out the Panel’s current thinking on governance and provides an early indication of the direction the Panel is considering on the governance phase of the Review.
A key proposition put forward by the Panel in the preliminary report is that the one‑size‑fits‑all approach to superannuation employed under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the Corporations Act 2001 (Corporations Act) is no longer appropriate. The Panel instead posits an enhanced architecture for super starting from a member, rather than a product or industry sector, focus.
Clearly, this alternative model has implications for the future of the superannuation industry and the Panel strongly recommends those intending to make a submission in response to this Phase Three: Structure (including SMSFs) Issues Paper read both the preliminary report and, to the extent applicable, frame their submission in the context of the observations made in that report.