The Government has released the consultation paper for the definition of superannuation.
The proposed objective put forward by the Government was now open for feedback on its framing, benefits and practical application.
This was: “The objective of superannuation is to preserve savings, to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.
Alongside this, the Government proposed two alternative definitions.
The first alternative was: “The objective of superannuation is to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.
The second was: “The objective of superannuation is to support savings to deliver income for a dignified retirement, in an equitable and sustainable way”.
“Clarification of the objective of superannuation in law will provide a shared understanding of the role of the superannuation system and anchor any future superannuation policy settings to a meaningful base.
“It will enshrine the core goal of supporting delivery of retirement incomes in law. Haphazard or inconsistent changes in superannuation system policy undermine the community’s trust in the system and increase costs to trustees, regulators, and ultimately members.”
The closing date for submissions was 31 March, 2023.
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