No. 2009/01
25 August 2009
Super System Review: A Three-Phased Consultation
Subjects: Super System Review outlines its approach and timetable; releases its Phase One: Governance - Issues Paper; calls for submissions
Super System Review releases scoping paper setting out the Review's approach and timeline
The Super System Review is examining Australia's superannuation system in three phases:
- Phase One: Governance;
- Phase Two: Operation and Efficiency; and
- Phase Three: Structure
"Given the complexity of Australia's super system, it was important to divide the issues into manageable bites" said Review Chair, Jeremy Cooper on the release of the Review's scoping paper. "Each of the three phases – Governance, Operation and Efficiency, Structure – deals with distinct issues. People can make submissions on all three phases, or just the phase that deals with the issues they are interested in."
Each phase follows the same format:
- Release of an Issues paper: setting out some of the issues identified by the Review Panel as relevant to that phase and which is intended to help interested parties formulate submissions at the appropriate conceptual level;
- Time to prepare submissions: approximately 6-8 weeks for interested parties to make submissions in response to the themes and issues raised in each Issues Paper;
- Release of preliminary recommendations:release of the Panel's preliminary recommendations after submissions have been considered. These preliminary recommendations will form the basis for the final report, to be delivered to the Government by 30 June 2010.
The Panel will consult throughout the Review period with major stakeholders and the broader public.
Phase One: Governance – Issues Paper released and call for submissions
The Review Panel today called for submissions in response to the release of its Phase One: Governance - Issues Paper.
Issues being considered in the Governance phase include: trustee knowledge, skills and training; conflicts in outsourcing, accountability to members and the composition of boards of trustees, among other matters. It is important to remember that submissions are not supposed to be directed only to the issues raised in the Issues Paper. The issues raised are only intended to assist people in framing their ideas at the appropriate level.
The closing date for submissions in response to the Governance phase is 16 October 2009.
Fees and charges (and a range of other issues) will be dealt with under Phase Two: Operations & Efficiency. Self-managed super funds will be looked at principally under Phase Three: Structure.
Key Dates
More information
More information on the Super System Review, including how to make a submission and get a copy of the scoping paper and Phase One: Governance - Issues paper, is available at www.supersystemreview.gov.au.
Alternatively, call the Super System Review infoline on 03 9280 4476.
Super System Review Panel
Mr Jeremy Cooper (Chair), Mr Kevin Casey, Mr Greg Evans, Mr Sandy Grant, Dr David Gruen, Ms Meg Heffron, Mr Ian Martin and Mr Brian Wilson.
Media Contact
Ms Sophie Trumble – Tel: 03 9280 3376.