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Terms of Reference for the Charter Group

Rationale

On 5 April 2013, the Government announced it would establish a Council of Superannuation Custodians to ensure that any future changes to superannuation are consistent with an agreed Charter of Superannuation Adequacy and Sustainability.

The Charter would be developed against the principles of certainty, adequacy, fairness and sustainability. The Charter would clearly outline the core objectives, values and principles of the Australian superannuation system.

The Council would be charged with assessing future policies against the Charter and providing reports to be tabled in Parliament.

In addition, the Council would provide an annual report on the superannuation system against the Charter, also to be tabled in Parliament.

By establishing an independent and robust institutional framework through which all future superannuation changes are measured, the Council and Charter would ensure that Australia’s superannuation system is enhanced and protected for generations to come.

Terms of reference

Reporting by 5 July 2013, the Chair and Group members are requested to:

  1. Develop and recommend a Charter of Superannuation Adequacy and Sustainability which embodies the principles of certainty, adequacy, fairness and sustainability and will be used to:

    1.1   assess future superannuation policy proposals for consistency with these principles; and

    1.2   guide the operation of the Council of Superannuation Custodians.

  2. The Charter should have sufficient scope and breadth to accommodate a maturing superannuation system against the background of structural changes in the economy, such as the evolution of the financial system and demographic change.
  3. Develop and recommend an appropriate structure for the Council of Superannuation Custodians, including:

    3.1   appropriate Council structure, including role and powers;

    3.2   appropriate size and representation; and

    3.3   delineation of the Council’s advisory function from that of the regulators.

  4. In conducting its review, the Chair of the Charter Group is to put in place a process for consulting key stakeholders, including the community, industry and regulators.

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