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Industry urged to consult on Super Charter
Minister for Superannuation Bill Shorten has urged those with an interest in the future of superannuation to attend one of two public forums being held in Sydney and Melbourne or to make a submission regarding the Charter of Superannuation Adequacy and Sustainability.
The Charter is being drafted by the Charter Group, who will oversee consultation, and which includes the Australian Prudential Regulation Authority's Ross Jones, Challenger's Jeremy Cooper, former AustralianSuper chair Elana Rubin, former MLC chief Steve Tucker and Alan Goldberg.
Shorten said the Charter aimed to enshrine the core principles of certainty, adequacy, fairness and sustainability.
The Charter Group is also assessing feedback with regard to the establishment of a Council of Superannuation Custodians, Shorten said, and its responsibilities to report annually on the system's adequacy, performance and sustainability, and would make recommendations to Parliament.
"The Council will act as an impartial, expert superannuation body which protects the integrity of the scheme and ensures the policy settings are consistent with its core objectives, values and principles."
Shorten advised that the discussion paper ‘Charter of Superannuation Adequacy and Sustainability and Council of Superannuation Custodians' would act as the framework for consultation, which closes 21 June.
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