Super Charter opens for debate
Minister for Superannuation Bill Shorten has opened consultation on the Charter of Superannuation Adequacy and Sustainability.
He urged those with an interest in the future of super to attend one of two public forums being held in Sydney and Melbourne or to make a submission regarding the Super Charter.
The Super Charter is currently being drafted by the Charter Group, 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. The group will oversee consultations and seek submissions regarding the Charter.
Shorten said the charter aimed to enshrine the core principles of certainty, adequacy, fairness and sustainability.
The Charter Group will also seek feedback regarding the establishment of a Council of Superannuation Custodians, Shorten said. It would be charged with annual reporting 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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