The Government has announced a communiqué of principles for superannuation that will examine the operation of the industry.
The principles are backed by eight industry associations: the FPA, the Australian Institute of Superannuation Trustees, the Australian Superannuation Funds Association, the Corporate Superannuation Association, Industry Funds Management, Industry Super Network, the Self-Managed Super Fund Professionals' Association of Australia and the Investment and Financial Services Association.
The review follows plans made last year by the Minister for Superannuation Nick Sherry to examine the industry which he called 'renovating the house'.
"After nearly 20 years of compulsory superannuation and the development of numerous new features, the Government, with the support of industry, has agreed that it is timely and appropriate that an examination takes place," Sherry said.
Self-managed funds, retail, corporate and not-for-profit funds will be under the industry-wide review.
"This landmark process will examine the structure, operation and efficiency of the superannuation system," he said.
"All parts of the superannuation sector have come on board. This is a mature decision by all concerned and will assist in maintaining community confidence in our world-class system."
We agree that it is prudent that the current operational features of our superannuation system be examined, the eight industry associations said.
More details about the review are to come from the Minister.
