From the ASFA July 2010 Melbourne luncheon featuring the Hon Chris Bowen and Jeremy Cooper
View on ASFA TV
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Review into the governance, efficiency, structure and operation of Australia’s Superannuation System –
The Cooper Review
On 29th of May the Government announced a comprehensive review of Australia’s superannuation system: The review into the Governance, Efficiency, Structure and Operation of Australia’s superannuation system. The Chair of the Review is Jeremy Cooper, a former Deputy Chairman of the Australian Securities and Investments Commission (ASIC). The panel will include the Chair and seven part-time members.
The Review is focused on achieving outcomes that are in the best interests of members and which maximise retirement incomes of Australians.
A key element of the Review include –
- The effectiveness and efficiency of the system in providing retirement income to members. In doing this the Review will also examine the critical factors that influence system performance, such as:
- Regulatory arrangements
- Industry structure
- Competition
- Market forces
- Fees and charges and technology
The Review will also examine the microeconomic aspects of the system, including the availability and design choices in superannuation and the information, advice and incentives that facilitate engagement in superannuation.
Outside the scope of the Review is:
- Taxation arrangements and preservation age issues
- Adequacy of the current superannuation guarantee (SG) system and the retirement benefits ultimately created as a result
- Lost member accounts
- Clearing house proposal
On 25th August the Cooper Review released its first two papers – a Scoping paper and Phase one of its three-phase consultation – a paper on Governance.
The consultation will happen in three phases as follows:
- 25th August 2009 -16th October 2009 – Governance: This phase will examine ideas, laws, processes and systems by which organisations are operated, regulated and controlled for the benefit of their relevant stakeholders.
- 16th October 2009 -14th December 2009 – Efficiency: This phase will examine the way the superannuation funds, service providers, fund members and others conduct the transactions necessary to operate the system.
- 14th December 2009 – 19th February 2010 – Structure: This phase will examine the shape of superannuation products and the way superannuation is provided across the various industry sectors, including the range of investments and other services provided and the methods of distribution. SMSFs will feature in this part of the Review.
The Cooper Review website can be viewed at www.supersystemreview.gov.au/ from which a full list of the panellists can be obtained plus copies of relevant papers.