Superannuation
Treasury's policy advice on superannuation issues falls into three broad categories:
Retirement income policy
Treasury is responsible for advising on broad features of retirement income policy, including the objectives, adequacy and overarching framework and design of the superannuation system and proposals for alternative personal savings vehicles. Additionally, it is responsible for modelling and analysis of the impacts of government policy on household units as well as the public finance consequences of demographic trends and population ageing. The Retirement Income Modelling website is http://rim.treasury.gov.au.
Prudential policy
Treasury advises the Government on policy for the prudential regulation of superannuation, as well as for the financial sector as a whole. Treasury works closely with the prudential regulator, the Australian Prudential Regulation Authority (APRA). APRA's role with respect to superannuation is to ensure that trustees are aware of their obligations to members and manage the funds in their care prudently in the interests of members.
Consumer protection
Treasury is responsible for providing advice to the Government on consumer protection for individual members of superannuation entities. Treasury works closely with the financial services consumer protection and market integrity regulator, the Australian Securities and Investments Commission (ASIC). ASIC's role is to promote the confident and informed participation of consumers in the financial system. ASIC also oversights the Superannuation Complaints Tribunal, which provides consumers with access to an effective and expeditious means of redress in the event that they believe that a decision of a trustee or other decision maker is unfair or unreasonable.
Legislation relating to superannuation can be found on this website under Bills, Acts and Legislation.
