APPENDICES
APPENDIX A:	THE SUPER SYSTEM REVIEW PANEL
APPENDIX B:	OVERVIEW OF THE SUPERANNUATION SYSTEM
APPENDIX C:	TREASURY ASSUMPTIONS FOR MODELLING
APPENDIX D:	DELOITTE REPORT
APPENDIX E:	SECRETARIAT
APPENDIX F:	ABBREVIATIONS AND ACRONYMS
APPENDIX G:	GLOSSARY
APPENDIX H:	BIBLIOGRAPHY and REFERENCE MATERIAL
APPENDIX I:	SUBMISSIONS
Appendix J:	PUBLISHED SPEECHES
APPENDIX K:	Other superannuation related reviews

APPENDIX A:  THE SUPER SYSTEM REVIEW PANEL
1.1	The Panel
The Chair of the Review Panel was Jeremy Cooper.  Jeremy was supported by seven part‑time panel members: Kevin Casey, Greg Evans, Sandy Grant, Dr David Gruen, Meg Heffron, Ian Martin and Brian Wilson whose summary biographical details are set out below.
Chair
Jeremy Cooper — a former Deputy Chairman of ASIC (2004 — 2009).  Prior to that, he was a partner at Blake Dawson, where he worked principally in the area of mergers and acquisitions and corporate advice for 20 years.  Mr Cooper has been a member of the Corporations Committee of the Business Law Section of the Law Council of Australia since 1995.  Jeremy is a senior fellow of the Financial Services Institute of Australasia (Finsia) and a fellow of the Australian Institute of Company Directors.  From 2006 to 2009, he was a member of the Corporations and Markets Advisory Committee, which considers references from the Australian Government on corporate law reform issues.  Jeremy is also a member of the Finsia Policy Advisory Council, the Geelong Grammar School Council, and the Industry Advisory Committee of the Australian Centre for Financial Studies.  While at ASIC, Mr Cooper had oversight responsibility across a range of ASIC's teams in the financial services sector, including superannuation, financial advisers and consumers and retail investors.  Apart from this Review, Mr Cooper has no interest in the superannuation industry other than being, with his wife, a trustee‑director and member of their SMSF.
Expert Panel
Kevin Casey — has had more than 40 years experience in the superannuation industry, mainly in the retail superannuation sector.  Mr Casey spent 30 years at AMP where he variously managed corporate superannuation relationships, development of superannuation computer systems, superannuation administration procedures and superannuation and technical strategy for AMP's superannuation businesses.  Mr Casey also served as Secretary and a director of AMP Superannuation Limited, AMP's public offer trustee and was also a member elected director of the then AMP Officers' Provident Fund.  Mr Casey also sat on joint Government/department/industry committees on the development of superannuation legislation, was a member of the Investment and Financial Services Association (IFSA) superannuation committee and the Association of Superannuation Funds (ASFA) post retirement committee and after he left AMP, was CEO of the Australian Retirement Income Streams Association (ARISA) before it merged with IFSA in 2002.  Mr Casey is now retired and has his retirement savings in an allocated pension managed by an Industry Fund.
Greg Evans — is the Director of Economics at the Australian Chamber of Commerce and Industry (ACCI).  Mr Evans is an economist with a background in both the private and public sector.  His early career commenced in the banking sector where he specialised in project finance for infrastructure and resource related projects.  Moving to the public sector, he worked for the Commonwealth Department of Finance and was involved in the sale of several government business enterprises.  He later joined the Commonwealth Treasury in the international economy division.  Mr Evans has subsequently held positions as a ministerial adviser and in various industry associations in the farming and energy sectors.  He joined the Australian Chamber of Commerce and Industry in 2004.  He is a director of the International Chamber of Commerce (Australia) and is a member of the Government’s Standard Business Reporting board.  His superannuation arrangements include a balance held in a public sector fund and he is also a contributing member to an industry superannuation fund.
Sandy Grant — has a superannuation and financial services industry background spanning more than 40 years, mainly, but not exclusively, in the not‑for‑profit superannuation fund sector.  Positions held by Mr Grant include managing director of building industry fund Cbus, managing director of Industry Fund Services and general manager of superannuation administrator, Jacques Martin Industry.  Prior to that, Mr Grant held various positions with the Colonial Mutual Group where he began his career.  After retiring from full‑time work in 2008, Mr Grant served as chair of the policy committee of the AIST until his appointment to the Panel.  He is presently a trustee‑director of CareSuper, a director of Members Equity Bank (a full‑service bank owned by industry super funds), chair of the Members Equity subsidiary Industry Fund Services Pty Ltd, a director of Superpartners Pty Ltd, a superannuation administrator, and a director of Master Builders Victoria Foundation Limited.  He is a member of Cbus and CareSuper.  
David Gruen — is Deputy Secretary and Executive Director, Macroeconomic Group at the Australian Treasury, which he joined in 2003.  Prior to that, Dr Gruen was Head of the Economic Research Department at the Reserve Bank of Australia between 1998 and 2002.  He worked at the Reserve Bank for 13 years, in the Economic Analysis and Economic Research Departments.  With financial support from a Fulbright Postdoctoral Fellowship, Dr Gruen was visiting lecturer in the Economics Department and the Woodrow Wilson School at Princeton University from 1991 and 1993.  Before joining the Reserve Bank, Dr Gruen worked as a research scientist in the Research School of Physical Sciences at the Australian National University and holds PhD degrees in physiology from Cambridge University, England and in economics from the Australian National University.  He is a member of the Reserve Bank of Australia's Officers Superannuation Fund, the Public Sector Superannuation Scheme, and Vanguard Personal Superannuation.
Meg Heffron — is a principal and senior actuary of Heffron Pty Ltd, an independent firm which has specialised in providing self‑managed superannuation fund services to accountants, financial advisers and trustees since 1998.  Prior to establishing Heffron, she was a principal at Mercer Wealth Solutions in the firm’s corporate superannuation department and responsible for actuarial and general advice to trustees and employer sponsors of corporate superannuation funds.  Meg is a recognised expert on self‑managed superannuation fund issues and one of the few actuaries to specialise exclusively in this area.  She participates in a range of industry and professional committees including the Small Funds sub‑committee of the Institute of Actuaries of Australia and the National Tax Liaison Group (Superannuation) of the Australian Taxation Office.  She and her husband have operated their own SMSF since 1997.  
Ian Martin — has over 25 years experience in the investment management, superannuation, investment banking and financial services sectors in Australia and internationally.  He is a former Managing Director and CEO of the BT Financial Group and Chairman of the Global Investment Management Group of Bankers Trust New York Corporation.  He was also the Inaugural Chairman of the Investment and Financial Services Association (IFSA).  Prior to joining the private sector, initially as an economist before moving into investment management, Mr Martin spent nine years in various positions with the Australian Treasury.  He holds an Honours Degree in Economics from the University of Adelaide, an Advanced Diploma from the Australian Institute of Company Directors, and has completed advanced short courses in investment management at London Business School and Princeton University.  He is currently a non‑executive director of Argo Investments Limited; St Vincent’s and Mater Health Limited; and Chairman of Sydney’s Wayside Chapel Foundation; and has previously been an independent non‑executive director of Babcock & Brown Limited and GPT Group.  Mr Martin has an SMSF.  
Brian Wilson — Mr Wilson has extensive financial services experience, including involvement with both the funds management and investment management sectors.  Mr Wilson retired in 2009 as a Managing Director of the global investment bank Lazard, after co‑founding the firm in Australia in 2004.  His career as an investment banker specialising in corporate financial advice encompassed over 30 years.  Prior to joining Lazard, he was a Vice Chairman of Citigroup Australia and its predecessor company Salomon Smith Barney Australia and previously a director and co‑head of Investment Banking of Schroders Australia, a principal of Lloyds Corporate Advisory Services and a director of Bank of America Australia.  Mr Wilson is also Pro‑Chancellor of the University of Technology, Sydney, a non‑executive director of Bell Financial Group and a member of the Foreign Investment Review Board.  Apart from this Review, Mr Wilson has no interest in the superannuation industry other than as a trustee‑director and member of his and his wife’s SMSF.
1.2	Panel brief
The Panel was supported by a secretariat drawn from Treasury, the private sector and the regulatory agencies with responsibility for superannuation.  
The Panel was asked to examine and analyse the governance, efficiency, structure and operation of Australia's superannuation system, so as to achieve outcomes in the best interests of members and to maximise retirement incomes for Australians.  The Review was asked to report to the Government by 30 June 2010.  
In announcing the Review, the former Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry, noted: 
‘The Expert Panel will guide what will be a substantial national project aimed at boosting the retirement savings of all Australians by increasing efficiencies, reducing costs and fees and in turn lifting long‑term rates of return’.
On 6 June 2009, the Hon Chris Bowen MP was appointed the Minister for Financial Services, Superannuation and Corporate Law, and assumed responsibility for the Review.  
1.3	Approach to the task
1.3.1	Three‑phased consultation process
The Review was divided into three phases:
Phase One — Governance;
Phase Two — Operation and Efficiency;
Phase Three — Structure (including SMSFs).
More detail about the approach the Panel took to the Review can be found in The Scope of the Review: A Three‑Phased Consultation. 
At the start of each phase, the Panel published an issues paper with a view to helping stakeholders frame their submissions at the appropriate conceptual level.  Interested parties had a period of approximately eight to ten weeks to make submissions in response to the themes and issues raised in each issues paper.  The Panel then released one or more preliminary report(s) in response to each phase (outlined at 0).
The Panel received over 450 formal submissions, and many more informal submissions, amounting to over 7,300 pages of opinions, ideas and data.  Importantly, over 200 of those submissions were made by individual super fund members.  
The Panel continued to receive submissions addressing its preliminary recommendations until mid June 2010.  These submissions were all considered by the Panel and taken into account in finalising the recommendations.  
1.3.2	Stakeholder engagement
The Panel and Secretariat consulted with a range of stakeholders throughout the Review process, attending over 200 meetings.  
More specifically, this stakeholder engagement included:
▪	a two‑week overseas study tour visiting major retirement funds, financial institutions, retirement fund experts and academics, regulators and policy‑makers in New York City, Pennsylvania, Washington DC, Amsterdam, Stockholm, London and the OECD in Paris;
▪	consultation with international experts, including discussions with various Canadian pension fund executives and officials from the Chilean Superintendencia de Pensiones;
▪	consultation with focus groups of super fund members in capital cities and regional centres to better understand the member experience;
▪	discussions with academic and industry experts, super fund executives, professional services firms, fund managers, investment banks, trustees, industry organisations and regulatory agencies, both in Australia and overseas;
▪	industry roundtables on topics as diverse as: insurance; administration; advice; DB plans; SMSFs (three roundtables); legal governance (two); member and consumer issues; and on the choice architecture proposals (two);
▪	making information about the Review publicly available online: www.supersystemreview.gov.au;
▪	various newspaper opinion pieces;  and
▪	stimulating public debate through participation and speaking engagements at a range of conferences and seminars.
1.3.3	Preliminary Reports
Prior to this final report, the Panel issued a total of nine preliminary reports and papers, along with a report from Deloitte Actuaries & Consultants about the likely total cost to members of MySuper.  The decision to release preliminary reports was made in the interests of transparency and to encourage debate.  
Title	Date of release	Content	
			
Scope of the Review: 
A Three‑Phased Consultation	25 August 2009	Set out the Panel’s approach to the Review	
Phase One Issues Paper — Governance	25 August 2009	Raised issues relevant to governance, to guide interested parties in making submissions	
Phase Two Issues Paper —
Operation & Efficiency	16 October 2009	Raised issues relevant to operation and efficiency, to guide interested parties in making submissions	
A Statistical Summary of Self‑Managed Super Funds	10 December 2009	A broad factual overview of the SMSF sector	
Phase Three Issues Paper —
Structure (including SMSFs)	14 December 2009	Raised issues relevant to structure and SMSFs, to guide interested parties in making submissions	
Clearer Super Choices: 
Matching Governance Solutions	14 December 2009	The phase one preliminary report that outlined a ‘choice architecture’ for the industry	
SuperStream	22 March 2010	The phase two preliminary report addressing ‘back office’ issues with the superannuation industry	
MySuper	19 April 2010	Further detail on an aspect of the choice architecture outlined in the phase one preliminary report	
Self‑Managed Super Solutions	29 April 2010	The phase three preliminary report discussing SMSFs	

The Review also received a number of supplementary submissions in response to the preliminary reports, reflecting the importance that individual members, and industry, attach to the issues addressed by the Review.

APPENDIX B:  OVERVIEW OF THE SUPERANNUATION SYSTEM
2.1	Background
The aim of superannuation is to provide a means by which people can save for a dignified retirement.  For many years, the age pension was the central means of providing retirement incomes for most Australians.  However, while the age pension will provide an essential safety net, superannuation savings holds the key to higher retirement income, for most people.  
To ensure that the retirement income policy is fiscally sustainable in the context of an ageing population, Australia has a three‑pillar approach.  The three pillars are: voluntary superannuation and other private savings; compulsory superannuation savings through the SG Act arrangements; and a means‑tested, taxpayer‑funded age pension.
2.2	Different superannuation sectors
Superannuation funds are the vehicles for the superannuation system to deliver the intended retirement savings outcomes.  APRA divides Australia’s superannuation funds into five main segments: corporate, public sector, industry, retail and small funds.  The Review uses these classifications for the purposes of this report.
Corporate funds are funds operated for the benefit of employees of a particular company or corporate group.  
Industry funds are funds formed to provide access to superannuation for employees working in the same industry, although an increasing number of industry funds are now open to the public.  
Public Sector funds are funds that provide benefits for government employees, or are schemes established by a Commonwealth, State or Territory law.  There are also Exempt Public Sector Superannuation Schemes which choose not to be regulated by APRA or the SIS Act.  However, for statutory purposes, a number of EPSSSs report data to APRA under an agreement between the Commonwealth Government and each of the State and Territory Governments.
Retail funds offer superannuation products on a commercial basis and their trustees are typically a part of a larger financial conglomerate.  For APRA’s purposes, ERFs are considered to be retail funds.
Small funds are those with less than five members.  Almost all small funds are SMSFs, although some are small APRA funds (SAFs).  
The following table shows that, at March 2010, corporate funds accounted for 4.8 per cent ($60.9B) of Australia’s total superannuation assets, industry funds 18 per cent ($226.6B), public sector funds 14.1 per cent ($177.4B), retail funds 27.9 percent ($351.2B) and small funds 32 per cent ($401.8B).

Table B1:  Australia’s superannuation industry by entities and assets (as at March 2010)
Sector	Entities	Assets($B)	Market Share of Assets	
				
Corporate	171	60.9	4.8%	
Industry	65	226.6	18.0%	
Public sector	39	177.4	14.1%	
Retail	154	351.2	27.9%	
Small funds	426,566	401.8	32.0%	
Balance of life office statutory funds	n/a	39.6	3.1%	
Total	426,995	1,257.5	100.0	
Source: (Quarterly Superannuation Performance, APRA).
Note: Excludes PSTs and single member ADFs.

The table below shows that the number of corporate, industry, public sector and retail superannuation funds has fallen in recent years, reflecting a trend toward consolidation within those sectors of the superannuation industry.  This contrasts with continued growth in the number of small funds (almost exclusively SMSFs).  The number of small funds has grown steadily, from just over 260,000 entities as at June 2003 to over 410,000 entities as at June 2009.
Table B2:  Recent trends in the number of Australian superannuation industry by entities (2003‑2009)
Sector	2003	2004	2005	2006	2007	2008	2009	
								
Corporate	1,862	1,405	962	555	287	226	190	
Industry	124	106	90	80	72	70	67	
Public sector	58	42	43	45	40	40	40	
Retail	235	232	228	192	176	169	166	
SMSFs	262,175	286,313	303, 004	323,200	361,860	389,308	414,707	
Pooled Super Trusts	160	143	130	123	101	90	82	
Total number of entities	264,614	288,241	304,457	324,195	362,536	389,903	415,252	
Source: (Annual Superannuation Bulletin June 2009, APRA).

Of the 32.7M superannuation accounts covering the Australian population as at June 2009, 0.7M were in corporate funds, 3.1M were in public sector funds, 11.6M were in industry funds, 16.6M were in retail funds (which includes ERFs) and 0.8M were in SMSFs.
In addition to the different types of funds, there are also different types of benefits: defined contribution and defined benefit and a combination of the two called ‘hybrid’ benefits.

Superannuation has become a significant financial asset for many Australians and an important part of the household balance sheet.  In August 2009, 88 per cent of all employees had superannuation contributions paid into a superannuation scheme on their behalf by their employer.   
It was partly the scale and significance of superannuation that influenced the Government to charge the Panel with the job of reviewing Australia’s super system, but also the fact that, despite its growth, there had not been an over‑arching review of the current system since its inception in 1993.  While there have been other government reviews of aspects of the superannuation system, this is the most comprehensive review so far.  As Mercer said in its May 2010 response to the Review’s preliminary reports: ‘Such a review is long overdue’.

APPENDIX C:  TREASURY ASSUMPTIONS FOR MODELLING
3.1	Key assumptions underpinning the 25‑year scenario
A number of assumptions have to be made when making a scenario of the size and structure of the superannuation system in 25 years’ time.  It is a baseline and does not take account of any changes that might flow from this Review.  However, it does take account of recent government policy changes to phase in increases to the SG contribution to 12 per cent by 2020 and for the government to co‑contribute up to $500 annually for members on incomes up to $37,000.  The key assumptions underlying the forecast are:
▪	All real forecasts have been calculated using 2009 as the base year with the CPI increasing 2.5 per cent per annum thereafter.
▪	In real terms, total superannuation assets are assumed to grow at an annual average of about 4.3 per cent from around $1.08T in 2009 to about $3.2T in 2035.  Small funds, including SMSFs and small APRA funds, will grow to slightly more than a third of total superannuation assets.  
▪	The number of superannuation funds is expected to continue to decline as funds consolidate.  The number of APRA‑regulated superannuation funds will reduce from 447, excluding ERFs, in 2009 to 74 in 2035.
▪	The number of industry funds and retail funds will continue to decline at the same average rate (around 7 per cent per annum) as they have since 1996.  
▪	The number of public sector funds will decline at 2 per cent per annum, the average rate experienced since 1996, excluding the two outlier years experienced after the introduction of the APRA registrable superannuation entity licensing requirements, which saw a large reduction in corporate funds.  
▪	The number of corporate funds has declined, on average, by 20 per cent each year from 1996 to 2009.  It is projected this rate of decline will gradually slow.
3.2	Key assumptions in projecting benefit to members of MySuper
The MySuper reforms would have both short‑term and long‑term impacts on fees as the superannuation industry fully adjusts to the reforms.  The direct effect would be to benefit those people who are currently in a MySuper‑equivalent product who would have access to lower fees.  These are the people who are currently in the default investment option of default funds.  As at March 2010, Treasury estimates that there were approximately $560B of assets in default funds, with around $340B of that amount in the default investment option.  Treasury estimates an average fee for these assets is 97 bps, based on the Rice Warner Superannuation Fee Report 2008.  
MySuper would also affect other members indirectly.  As members could switch between products, it is expected that a lower price for MySuper products would lead to members switching into that product or fees charged in other segments falling (for example, due to consolidation occurring in ‘choice’ products).  This switching would be supported by the new financial advice rules which will require planners to put members’ interests above their own and hence the lower fees expected in MySuper would need to be taken into account by planners in making recommendations to members.  In addition, there is already some evidence that large financial institutions are more actively marketing lower cost, MySuper‑style products.  The SuperStream reforms would also help facilitate people switching by making portability easier.
For the purpose of this analysis, it is assumed that the only indirect impact would be members switching to MySuper products, rather than fees for choice products falling.  
Given the uncertainty over the regulatory and market reaction to MySuper, these estimates are only broadly indicative.  There has been no quantification of costs for ongoing or transitional costs of funds meeting the new MySuper requirements.  It is also assumed that fees otherwise remain at their current levels as a percentage of assets.  
3.2.1	Short‑run impact
Funds would need to consider whether they wished to offer a MySuper product and whether they had the scale to optimise net benefits to members to ensure that they receive an APRA MySuper licence.  It is assumed that funds would price their product in the short run, on average, at around 85 bps (all up) for an account balance of $25,000, with a similar investment style as would currently be the case.  Based on the Deloitte report, Default fund costs under the MySuper proposal, this would be consistent with an average asset size of around $5B, which is around one‑sixtieth of the existing overall default option pool.  It is assumed that people currently paying for advice in default products would, under MySuper, rely on intra‑fund advice that is already factored into the Deloitte MySuper fee.
Based on default assets of $340B, this suggests the initial direct impact could be a saving of about $400M per year from reduced fees in existing default investment options that convert to the MySuper framework.  
The indirect impact would depend on the impact of MySuper on fee differentials and the propensity of members to move from the choice and SMSF sectors to the MySuper sector.  Treasury assumes in its modelling that there is no movement from retirement income stream products, including SMSFs in the pension phase, into MySuper products.  This leaves around $725B of assets in the accumulation phase in SMSFs and the choice sector.  Treasury estimates the average fee for these assets is around 128 bps — a differential of 31 bps compared to existing default fund fees.  Assuming average MySuper fees fall initially to around 85 bps, the differential would be around 43 bps.  
Switching rates between super fund products are currently low.  However, the new financial advice reforms and the expected public awareness of the introduction of MySuper could increase the switching rate (that is, there could be a one‑off switching rate boost).  Treasury assumes 5 per cent of assets (around $35B) are switched to MySuper products in the short run, saving around $150M per year in fees.  The combined direct and indirect annual savings in the short term therefore could be around $550M.
3.2.2	Long‑run impact
The MySuper reforms would have a larger impact over time as the superannuation system fully adjusts to the reforms.  MySuper members will benefit from even lower fees as MySuper funds fully exploit the benefits from economies of scale.  Deloitte estimate an average fee (including intra‑fund advice) of around 66 bps is achievable on large scale ($20B plus assets) MySuper products.  It is assumed that these scale benefits are fully achieved across MySuper products, yielding an aggregate saving of over $1B per year on existing MySuper‑comparable assets.
The indirect impact would also be greater in the long run because: (a) the incentive to switch would be higher as MySuper fees fall as scale increases; (b) members who might have initially not switched decide to switch; and (c) members who previously would have moved into the choice and SMSF segments decide to remain in the lower fee MySuper products.  In other words, there would continue to be some switch in the stock of funds into MySuper and the flow of funds into the choice and SMSF sectors would slow.  
Obviously in the longer run, there will also be more assets in the whole system.  However, to simplify comparability, the long‑run impact is estimated on the existing size of the superannuation industry.  It is assumed the long‑run switching rate would be around 15 per cent, that is, around $110B of assets would move to the MySuper segment.  (This is consistent with the long‑run proportion of assets in default investment options increasing from around 32 to 42 per cent (excluding pension products).  Given the fee differential, this equates to a saving of around $700M.  The combined direct and indirect impacts could therefore be around $1.7B per year.
3.3	Key assumptions in projecting benefits of SuperStream
The impact of SuperStream would directly reduce the fees of APRA‑regulated funds which hold assets of about $860B by reducing operating costs including administration.  Treasury estimates that current operating costs of APRA‑regulated funds are approximately $4.1B per year or 48 bps per year, based on the Rice Warner Superannuation Fee Report 2008.
Several submissions estimate that SuperStream reforms would reduce operating costs in the current system by up to $1B per year and Treasury has used this estimate in its assumptions.  Operating costs are expected to reduce because of a combination of innovative technology (such as automated administration and the use of TFNs), stakeholder connectivity, straight through processes, broader industry collaboration on administration functions and fund consolidation.  
Treasury has not independently verified these cost reduction estimates.  It should also be noted that there would be some upfront costs required by funds to implement SuperStream, such as adjustment of IT systems to meet the new data standards.  These have not been estimated though it is expected that the ongoing costs will be relatively small compared to the benefits.  
3.4	Impact on typical member
The impact on a typical member has been based on a person on average weekly ordinary time earnings (AWOTE) over a 37 year working life who pays all up annual fees of 97 bps which is estimated to be the current average default investment option fee.  In the long run, it is assumed, consistent with the above aggregate analysis, that this member would pay a fee of around 59 bps, as follows:
▪	MySuper products (with assets of $20B) being delivered for 66 bps (excluding the impact of SuperStream, as estimated by Deloitte; and 
▪	SuperStream delivering savings of around a further 7 bps to the average member in a MySuper fund.  
Treasury estimates indicate that this presently represents around a 40 per cent fee cut, lifting the representative member’s final superannuation balance by around $40,000 or 7 per cent.

APPENDIX D:  DELOITTE REPORT
DEFAULT FUND COSTS UNDER THE MYSUPER PROPOSALS

APPENDIX E:  SECRETARIAT
The secretariat was established in Melbourne to assist the Panel with staff drawn from Treasury, the private sector and the regulatory agencies with responsibility for superannuation.  
Secretariat:
Roger Brake and the staff of the Superannuation Unit of Treasury
Roger Brown on secondment from APRA
Pedro Café on secondment from the ATO
Scott Donald, University of New South Wales
Peggy Haines, Freehills
Hilda Miller on secondment from ASIC
Paul Murphy, UniSuper (Consultant)
Philip Russell on secondment from ASIC
Wilson Sy on secondment from APRA
Brad Tallents on secondment from KPMG
Sophie Trumble on secondment from ASIC

APPENDIX F:  ABBREVIATIONS AND ACRONYMS
ABA	Australian Bankers’ Association	
AASB	Australian Accounting Standards Board	
ABS	Australian Bureau of Statistics	
ACR	Auditor Contravention Report	
ACSI	Australian Council of Super Investors	
ACTU	Australian Council of Trade Unions	
ADF	Approved Deposit Fund	
ADI	Approved Deposit‑taking Institution	
AFSL	Australian Financial Services Licence	
AFTS	Australia's Future Tax System	
AGA	Australian Government Actuary	
AGM	Annual General Meeting	
AIG	Australian Industry Group	
AIST	Australian Institute of Superannuation Trustees	
ALLS	Adult Literacy and Life Skills Survey	
AML/CTF Act	Anti‑Money Laundering and Counter Terrorism Financing Act 2006	
APRA	Australian Prudential Regulation Authority	
ASFA	Association of Superannuation Funds of Australia	
ASIC	Australian Securities and Investments Commission	
ASX	Australian Securities Exchange	
ATO	Australian Taxation Office	
AUASB	Australian Auditing and Assurance Standards Board	
AUSTRAC	Australian Transaction Reports and Analysis Centre	
Bps	Basis Points — a basis point is one‑hundredth of a percentage point	
CAMAC	Corporations and Markets Advisory Committee	
CGT	Capital Gains Tax	
CHESS	Clearing House Electronic Subregister System	
Complaints Act	Superannuation (Resolution of Complaints) Act 1993	
Corporations Act	Corporations Act 2001	
Corporations Regulations	Corporations Regulations 2001	
CPA	CPA Australia	
CPI	Consumer Price Index	
DB	Defined Benefit	
DC	Defined Contribution	
EFT	Electronic Funds Transfer	
EPSSS	Exempt Public Sector Superannuation Scheme	
ERF	Eligible Rollover Fund	
ERISA	Employee Retirement Income Security Act (US)	
ESG	Environmental, social and governance	
FaHCSIA	Department of Families, Housing, Community Services and Indigenous Affairs	
FOS	Financial Ombudsman Service	
FPA	Financial Planning Association	
FS(COD)	Financial Sector (Collection of Data) Act 2001	
FSG	Financial Services Guide	
FTSE	Financial Times/London Stock Exchange Group	
GDP	Gross Domestic Product 	
GEERS	General Employee Entitlement and Redundancy Scheme 	
GFC	Global Financial Crisis	
HILDA	Household, Income and Labour Dynamics in Australia	
ICAA	Institute of Chartered Accountants in Australia	
ICR	Indirect Cost Ratio	
IFF	Industry Funds Forum	
IFSA	Investment & Financial Services Association (to be renamed the ‘Financial Services Council’ with effect from 20 July 2010)	
IGR	Intergenerational Report 	
IGT	Inspector‑General of Taxation 	
IHA	In‑house Asset	
ISN	Industry Super Network	
MER	Management Expense Ratio	
MOU	Memorandum of Understanding	
NIA	National Institute of Accountants	
NICRI	National Information Centre on Retirement Investments	
OECD	Organisation for Economic Cooperation and Development	
PDS	Product Disclosure Statement	
PSB	Payment Systems Board	
PST	Pooled Superannuation Trust	
RBA	Reserve Bank of Australia 	
REST	Retail Employees Superannuation Trust	
RMP	Risk Management Plan	
RMS	Risk Management Strategy	
RSA	Retirement Savings Account	
RSE	Registrable Superannuation Entity	
SAF	Small APRA Fund	
SBR	Standard Business Reporting	
SCT	Superannuation Complaints Tribunal	
SEC	Securities and Exchange Commission	
SG	Superannuation Guarantee	
SG Act	Superannuation Guarantee (Administration) Act 1992	
SGC	Superannuation Guarantee Charge	
SIS Act	Superannuation Industry (Supervision) Act 1993	
SIS Regulations	Superannuation Industry (Supervision) Regulations 1994	
SLWG	Squam Lake Working Group	
SMSF	Self‑Managed Super Fund	
SPAA	SMSF Professionals' Association of Australia Limited	
SPIN	Superannuation Product Identification Number	
STP	Straight‑Through Processing	
SWG	Superannuation Working Group	
SwimEC	Superannuation, Wealth And Investment Management Electronic Commerce	
TAER	Total Annual Expense Ratio	
TFN	Tax File Number	
TPB	Tax Practitioners Board	
TPD	Total and Permanent Disability	
UK	United Kingdom 	
US	United States 	

APPENDIX G:  GLOSSARY
Term	Definition	
		
Account‑based product	A product where the value of the amount from which an income stream is drawn is determined by the member’s account balance.	
Accumulation fund	A superannuation fund where the value of the final retirement benefit payable to members is the member’s account balance at the relevant time.	
Accumulation phase	The period of time over which a fund member builds the value of their benefits before retirement.	
Administrator	A party contracted by the trustee to provide services such as record‑keeping and member account management for the fund.  	
AFTS Review	The 2009 report and recommendations of the Review of Australian Future Tax System, also known as the Henry Review.	
After‑tax return	The return on an investment after all applicable government charges, duties and taxes have been deducted or accounted for.	
Annuity	Generally, a stream of payments made at regular intervals.  In superannuation, a fund member can use all or part of their benefits to purchase an annuity from an insurer in order to receive the value of their benefit as an income stream.	
APRA‑regulated fund	All superannuation funds regulated by APRA under the SIS Act, but does not include SMSFs.	
Asset‑based fees	A fee payable for a service calculated by reference to the value of the assets to which the service relates.	
Asset allocation	The distribution of a superannuation fund’s assets in investments in different classes of assets, such as equities, fixed interest, cash and real property.	
Auto‑consolidation	A process by which different superannuation accounts in respect of the same person are automatically consolidated within a superannuation fund and across different funds.	
Bundling	Building in a number of services or features in a single product which cannot be separated.	
Choice architecture	A model for the regulation and governance of the superannuation system where regulation and trustee responsibility is based on the degree to which members make choices and take responsibility for their super.  	
Choice product	A superannuation product in the choice architecture model (described in chapter 1) where a member has made a choice that their superannuation would not be in MySuper or their own SMSF.	
Clearing house	A service provided to employers effectively outsourcing the distribution of superannuation contributions and information to superannuation funds.  The clearing house receives a single payment from the employer and then distributes all the necessary contributions on behalf of the employer to the funds chosen by the employees.	
Commission	A fee payable as an incentive or reward to the seller of a product, usually based on the value of the goods or services sold.	
Consolidation (of accounts)	The transfer of one or more of a person’s superannuation fund accounts into a single or a reduced number of superannuation accounts, with resulting administration fee savings.	
Consolidation (of industry)	The gradual process whereby the number of superannuation funds is reduced as a result of fund mergers.	
Cost cross‑subsidisation	Where members of one fund, or one investment option, subsidise costs attributable to others.	
Custodian	An entity that acts as a bare trustee and holds assets of a superannuation fund on behalf of the superannuation fund trustee.  The custodian holds the legal title to the asset and acts only at the direction of the fund trustee.  	
Default fund	The superannuation fund to which an employer’s Superannuation Guarantee contributions will be paid if the employee does not direct the employer to make the contributions to a fund chosen by the employee.	
Default investment option	The investment strategy the trustee of a superannuation fund will use when investing the assets of the fund unless a member directs the trustee to invest their benefits (wholly or partly) in another strategy made available by the trustee for selection by members.	
Default level of cover	The member’s level of insurance cover in a superannuation fund that will apply unless the member opts‑out of cover or is able to obtain a higher level.  	
Deferred annuity	An annuity where payments do not commence immediately.  In superannuation, the commencement of payments is tied to the circumstances in which a superannuation fund could pay benefits.	
Defined benefit	A superannuation benefit the value of which is determined by reference to a formula.	
Defined benefit fund (or plan)	A superannuation fund where contributions are pooled and are not allocated to particular members.  Under the SIS Act, if a fund has even one member with a defined benefit, it is treated as a defined benefit fund.	
Defined contribution fund	An alternative expression for accumulation fund.	
Drawdown phase	Another expression for post‑retirement.	
E‑commerce	The linked electronic transmission of data and money.	
Economies of scale	The effect of generally lowering the cost of each iteration of an activity when the activity is conducted on an increasing scale.  In relation to a superannuation fund, scale advantages can relate to investment fees, in‑house investment expertise, private placement capabilities, ability to spread investment risk through diversification, reduced administrative unit costs, and enhanced availability of education, information and service.  Another example is using the pool of members in a fund to purchase insurance on a group risk basis, rather than individually.  	
Eligible rollover funds (ERFs)	Superannuation funds or approved deposit funds that are eligible to receive benefits automatically rolled‑over from other funds.  ERFs typically accept superannuation money from other funds where the member has become ‘lost’.	
Exempt public sector superannuation schemes (EPSSS)	Funds that provide benefits for government employees, or are schemes established by a Commonwealth, State or Territory law that are not directly subject to the SIS Act and APRA regulation.	
First non‑associated level	In relation to the investments made by a superannuation fund, the first investment in a layered structure of investments that is not associated with or related to the trustee of the fund.	
Flipping	The practice of a member being automatically moved from one division of a superannuation fund to another (generally to a ‘personal’ division or plan) on cessation by the member of the particular employment to which the original fund division related.	
Forecasts of retirement benefits	Advice from the trustee of a superannuation fund to fund members that aims to provide an indication of the value of their ultimate retirement benefit.	
GEERS	General Employee Entitlement and Redundancy Scheme — a Government scheme to compensate employees who lose their jobs as a result of the liquidation or bankruptcy of their employer and who are owed a range of employee entitlements.	
Grandfathering	The preservation and continuation of a state of affairs created by legislation, usually beneficial, when new and less advantageous legislation is introduced.  	
Group risk insurance	Insurance acquired by a superannuation fund trustee that collectively covers all the persons who may, from time to time, be members of the fund and which covers fund members in the event of death, TPD and loss of income due to ill‑health.	
Henry Review	Another name for the AFTS.	
Inactive account	Generally, a member account in a superannuation fund where the fund has not received a contribution or rollover in respect of the member within the last five years.	
Income protection insurance	Insurance acquired by the trustee of a superannuation fund in respect of a fund member, the proceeds of which are used by the fund trustee to provide periodic benefits to continue (wholly or partly) the income that the member was receiving before commencing a period of ill‑health or temporary disability.	
Instalment warrant	A form of derivative or financial product that entails borrowing to invest in an asset, such as a share or real property (the underlying asset), with limited risk to the investor.  In its simplest form, the investor makes an upfront payment, which typically includes prepaid interest and borrowing fees.  The underlying asset is held in trust during the life of the loan to provide limited security for the lender.  The investor is required to pay one or more future instalments to the lender.	
Intra‑fund advice	Current ASIC arrangements under which superannuation fund trustees that hold an AFSL to provide personal financial product advice can give advice to fund members about certain aspects of their existing interest in the fund, with the level of inquiry and consideration in relation to that advice set by the trustee’s fiduciary duty to members, rather than the Corporations Act.  Also includes ASIC guidance in relation to giving personal advice to fund members only in relation to specific fund features under the generic standards in the Corporations Act.  The regime is due to be expanded by the Government under its Future of Financial Advice package and the final report generally uses the expression in that expanded sense.  	
Investment option	An investment strategy formulated by a superannuation fund trustee in which a fund member may select to have all or part of their benefits invested.	
Investment risk	The uncertainty with respect to the financial return an investment will generate.  In an accumulation fund, the investment risk in relation to the fund’s assets affects the value of the investment return credited, or debited to, members’ accounts.	
Issues Paper	One of the Panel’s publications seeking submissions in relation to each phase of the Review: Phase one — Governance, 25 August 2009; Phase two ‑Operation and Efficiency, 16 October 2009; and Phase three — Structure (Including SMSFs), 14 December 2009.	
Large APRA fund	An APRA‑regulated fund with more than four members, including ERFs, but excluding PSTs.	
Legacy product	Generally, an older‑generation superannuation product held by fund members that is no longer available for issue to new members.	
Lifetime annuity	An annuity payable over the life of the recipient.	
Liquidity	The capacity of a superannuation fund trustee to transform fund assets quickly into cash without a material change in price to make timely payments as required, such as pension payments or requests from members to transfer their benefit to another fund.	
Longevity risk	The uncertainty about how long a particular person (or group of people) will live.  For a superannuation fund member, it is the risk an income stream superannuation benefit will be depleted before they die.  For providers of lifetime annuities, it is the risk recipients will live longer, and draw more benefits, than the provider has allowed for.	
Lost member	Generally, a member of a superannuation fund determined by the trustee, in accordance with the SIS Regulations, as uncontactable or in relation to whom no contributions have been received by the fund in the last five years.	
Lump sum	An amount of a superannuation benefit paid to a fund member as a stand‑alone cash amount.  Benefits can be paid as one or more lump sums.	
Member	A person who holds an interest in a superannuation fund either because they are accruing benefits to provide income in retirement or because they are receiving benefits from the fund.  	
Member protection	Regulatory arrangements under which, generally, superannuation fund members with an account balance of less than $1,000 cannot have that balance debited for fund administration costs greater than the earnings on the account.	
MySuper product	A superannuation product in the choice architecture model where, among other things, members rely on the trustee to make decisions for them with respect to investment and insurance.	
Net investment return	The return on an investment after deducting all costs relating to the investment, such as fees, brokerage, administration and taxation.	
Operational risk reserve	Part of the asset base of a superannuation fund aggregated and held for the specific purpose of providing financial resources to allow the trustee to mitigate operational risks, such as unit pricing errors, where costs are not met by third parties.	
Outsourcing	Where a superannuation fund trustee contracts for another person to perform activities in relation to the fund, such as fund administration and investment management, on behalf of the trustee.	
Panel	Collectively, the chair and the part‑time members appointed by the Government to conduct the Review.  	
Performance‑based fee	A fee payable calculated by reference to the performance of an investment made by a superannuation fund trustee or to the performance of a superannuation fund or investment option.	
Phase (of the Review)	A phase to which the Review’s Issues Papers related — Phase one — Governance; Phase two — Operation and efficiency; and Phase three — Structure (including SMSFs).	
Portability	A fund trustee’s obligation under the SIS Act to pay (within a 30‑day period) the value of a member’s benefits to another superannuation fund on request of the member.	
Post‑retirement	The phase of a person’s life during which the person has retired from the workforce, has usually ceased to build superannuation benefits and begun to rely on their benefits for income in retirement.	
Pooled Superannuation Trust or PST	Broadly, a unit trust authorised by APRA to invest the assets of superannuation funds and other like entities.  	
Preliminary Report	The Panel’s publication of its preliminary views — Phase one: Clearer Super choices, 14 December 2009 and MySuper 20 April 2009; Phase two: SuperStream, 22 March 2010; and Phase three: Self‑managed super solutions, 29 April 2009.  	
Premium	In relation to insurance, the amount paid to secure insurance coverage.  Generally, the premium is paid by the fund trustee to obtain insurance cover in relation to the members of the fund, but there are also personal arrangements where the member pays for their insurance directly.  	
Preservation age	The minimum age prescribed in the SIS Regulations at which the superannuation benefits of a fund member become available to be paid from the superannuation fund to the member, eg retirement, disability.	
Public Sector Fund (scheme)	Superannuation funds that provide benefits largely for government employees or employees of statutory authorities, or are schemes established by a Commonwealth, State or Territory law.	
Replacement rate	The proportion of a member’s current employment income that the current value of the member’s superannuation benefits would represent if paid to the member as an income stream over the member’s retirement.	
Retirement income	The income on which a person relies after they retire from the workforce.  This includes superannuation benefits as well as the age pension and private savings.	
Retirement phase	The period of a person’s life, and superannuation fund membership, after they have retired from the workforce and qualify for, and may be in receipt of, superannuation benefits.	
Retirement savings account (RSA)	A capital guaranteed product offered by licensed ADIs, life insurance companies and prescribed financial institutions for retirement savings as a low risk/low income accumulation account.	
Reverse mortgage	A form of borrowing under which a person is advanced money and provides a portion of the equity in their home as security with the effect of reducing their equity, rather than increasing it.	
Review	This Review into the governance, efficiency, structure and operation of Australia’s superannuation system established by the Minister for Superannuation and Corporate Law on 29 May 2009.	
Ripoll report	The 2009 report and recommendations of the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into Financial Products and Services in Australia.  	
RSE licence	A registrable superannuation entity licence granted by APRA under the SIS Act.	
RSE licensee	A trustee that is a body corporate or that is a group of individuals who hold an RSE licence.  	
Safe harbour	A legal protection for a superannuation fund trustee from liability to a fund member if the member directs the trustee to invest some or all of the member’s account in an investment option other than the default investment strategy, so long as the trustee had conducted appropriate due diligence in relation to making the option available.  	
Self‑insurance	Where a superannuation fund carries all or a part of the liability for the value of members’ death or disability benefits (or both) (that is, from the fund’s assets), rather than covering these benefits through external insurance.	
Self‑managed superannuation fund (SMSF)	A superannuation fund that has fewer than five members, all of whom are trustees or are directors of a corporate trustee, and is regulated by the ATO and the SIS Act.  No member can be an employee of another member unless they are related.	
Small APRA fund (SAF)	A superannuation fund that has fewer than five members, but is not an SMSF.  SAFs are required to have a professional trustee and are regulated by APRA.	
Sole purpose test	The obligation under the SIS Act that a superannuation fund must be maintained by the trustee only for specific retirement purposes and a limited number of other purposes such as disablement.  	
Successor fund transfer	The transfer of a members’ benefits from one fund to another without their consent where the trustees of both the transferring and the receiving funds agree that ‘equivalent rights’ are provided to the transferring members in the receiving fund after the transfer.	
Superannuation Guarantee	The legal requirement under the SG Act for an employer to make contributions at least quarterly equal to a percentage (currently 9 per cent per annum) of an employee’s ordinary time earnings into a superannuation fund or RSA on behalf of the employee.	
SuperStream	‘SuperStream’ describes a package of recommendations to enhance the current ‘back office’ of superannuation (see chapter 9).  This includes new requirements to improve the quality of data provided by employers, to allow the use of TFNs and to require the use of technology to improve processing efficiency.  	
Systemic transparency	Disclosure by a trustee, typically on the fund’s website, of a wide range of information, including fund documents and details about fund processes and fund management, making this information available to regulators, academics, analysts, advisers and interested members.  	
Total Annual Expense Ratio (TAER)	A new expense measure derived from the total expenses incurred by a fund or investment option in carrying out all its activities, regardless of whether they are characterised as relating to management, administration, investment or portfolio transactions.	
Trailing commissions	Commission payments structured to be paid on an ongoing basis for as long as the members remains in the superannuation product to which the commission relates.	
Trust	A legal structure in which a person (the trustee) holds property on behalf of others (the beneficiaries) who are intended to benefit from the property or income of that property.  A trust is the accepted legal structure for providing superannuation in Australia.	
Trust deed	The legal document establishing and governing a superannuation fund.  The trust deed is the source of the trustee’s powers and sets out the benefits to be paid to members from the fund.	
Trustee	A person or company holding property on behalf of and acting for the benefit of another party.  A trustee has fiduciary duties to beneficiaries.  The trustee of a superannuation fund is the entity with sole legal responsibility under the SIS Act for the management of the fund for the benefit of fund members.	
Unlisted	In relation to a superannuation fund investment, an asset for which there is no formal market for listing, quotation or trading to establish the value of the asset.	
Voting	In relation to a superannuation fund’s investments such as securities and interests in managed investment schemes, the trustee exercising, causing to be exercised or overseeing the exercise by a delegate of, voting rights in relation to the company or trust to which the security or interest relates.	
www.super.gov.au
	The proposed government website about superannuation to centralise information currently provided by a wide range of government websites.  This central website would include standard disclosure of legislative, tax and other superannuation‑related features as well as act as a portal to other superannuation information.	

Notes
(a)	Figures in tables and generally in the text have been rounded.
(b)	The following notations are used:
$M	$ million
$B	$ billion
$T	$ trillion
(c)	The term ‘Government' is used when referring to the current government and the decisions and activities made by the current Government on behalf of the Commonwealth of Australia.
(d)	The term ‘government' is used when referring to a past government or governments and the decisions and activities made by past governments on behalf of the Commonwealth of Australia.

APPENDIX H:  BIBLIOGRAPHY and REFERENCE MATERIAL
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Ali, P (2004), Fund of Hedge Funds and Fiduciary Investors, Australian Business Law Review 32: 362‑366.
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______, (February 2010), Superannuation industry benchmark statistics for the period ending 30 June 2009 provided to the Super System Review.
______, Media Release, 17 May 2010, Responsible investments outperform mainstream super options post‑GFC, but little take up, available at www.superratings.com.au/media/mediareleases/17052010.
______, Media Release, 17 May 2010, www.superratings.com.au/media/mediareleases/17052010.
Sy, W and Liu, K (2009), Investment performance ranking of superannuation firms, APRA Research Working Paper, www.apra.gov.au/Research/Working‑papers.cfm.
______, (2010), Improving the cost efficiency of Australian pension management, Rotman International Journal of Pension Management, vol.  3, Issue 1, Spring 2010.
Sy, W, (2008), Cost, Performance and Portfolio Composition of Small Pension Funds in Australia, Journal of Pension Economics and Finance, May 2008, Vol.7, pp 67‑93.  DOI:10.1017/S1474747208003661.
______, Pension Governance in Australia: An Anatomy and an Interpretation, Rotman International Journal of Pension Management, Vol 1, issue 1, Fall 2008, p 32.
______, (2009), Towards a National Default Option for Low‑cost Superannuation, Accounting Research Journal, Vol.  22, No. 1, pp 46‑67.
Sy, W, Inman, C, Esho, N and Sane, R (2008), Superannuation fund governance: trustee policies and practices, APRA Insight, Issue 1, pp 1‑17; available at: http://www.apra.gov.au/Insight/APRA‑Insight‑Issue‑1‑2008.cfm.
Tang, Ning, and Olivia S.  Mitchell, 2008, The Efficiency of Pension Plan Investment Menus: Investment Choices in Defined Contribution Pension Plans, (The University of Michigan Institute for Social Research, Survey Research Center).
Tapia, W and Yermo J, (2007), Implications of Behavioural Economics for Mandatory Individual Account Pension Systems, OECD Working Papers on Insurance and Private Pensions, No. 11, OECD Publishing.  doi:10.1787/103002825851.
Tapia, W, (2008), Fees in Individual Account Pension Systems: A Cross‑Country Comparison, OECD Working Papers on Insurance and Private Pensions, No. 27, OECD publishing.
______, Comparing aggregate investment returns in privately managed pension funds: an initial assessment: OECD working papers on insurance and private pensions No. 21 http://www.oecd.org/dataoecd/39/5/41408063.pdf.
______, Description of private pension systems: OECD working papers on insurance and private pensions, No. 22 http://www.oecd.org/dataoecd/39/6/41408080.pdf.
Tax Laws Amendments (2008 Measures No. 2) Act 2009.
Tetlock, P (2006), Expert Political Judgment: How Good Is It? How Can We Know?, Princeton University Press, ISBN: 978‑1‑4008‑3031‑2.
Thaler, R and Sunstein, C (2008), Nudge — Improving decisions about health, wealth and happiness, Yale University Press, Yale.
Thaler, R and Benartzi, S (2004), Saving more tomorrow: using behavioral economics to increase employee saving, Journal of Political Economy, Vol.  112, No. 1, Pt.  2, pp164‑186.  
Thaler, R and Sunstein, C (2003), Libertarian paternalism, The American Economic Review, Vol.  93, No. 2, pp 175‑179.
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______, Media Release No. 036, ‘Overhaul of Financial Advice’, 26 April 2010, <http://ministers.treasury.gov.au>.
______, Media Release No. 040, ‘Coalition Denying Working Australians Higher Retirement Incomes’,  26 November 2009, <http://ministers.treasury.gov.au>.
______, ‘Future of Financial Advice information pack’, 26 April 2010, <http://ministers.treasury.gov.au>.
______, Address to the IFSA 2009 Conference — 'Energise 09', 5 August 2009, <http://ministers.treasury.gov.au>.
Senator The Hon Nick Sherry, Assistant Treasurer, ‘Choosing not to Choose’, 16 December 2008.
______, (2008), Post‑election Superannuation Report Card, Australian Superfunds Summit, Sydney, 
31 March 2008.
______, Media Release no. 072, ‘Coverage of tax agent services regime’, 23 April 2010, <http://ministers.treasury.gov.au>.
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APPENDIX I:  SUBMISSIONS
The Panel wishes to thank all the individuals and organisations who contributed to the Review process by making a submission.  The non‑confidential, formal submissions can be viewed at: ‑<www.supersystemreview.gov.au>.  The following is a list of those submissions.
Number	Author	
1		Wall, Marita 	
2		Debenham, Ray (1)	
3		Bird, Ron and Gray, Jack	
4		Rose, Robert 	
5		White, Gavin 	
6		Name withheld	
7		Romijn, Simon 	
8		Mahon, Vincent (1)	
9		Trytell, Morris 	
10		Appelt, Mark 	
11		Nethercote, Barry 	
12		Drew, Michael 	
13		Baxter, Chris 	
14		Chapman, Craig 	
15		Japhener	
16		Blacklow, Colin 	
17		Confidential	
18		Australia Institute (1)	
19		Hickman, Ray 	
20		Australian Council of Public Sector Retiree Organisations (1)	
21		Gilbert, Stuart 	
22		Hodgkinton, Norman (1)	
23		Super Advice Services (1)	
24		Association of Independent Retirees (1)	
25		Costello, Terry 	
26		Hurr, Tom 	
27		Mair, Peter 	
28		NSW Treasury (1)	
29		Responsible Investment Association Australasia	
30		Semple Solutions (1)	
31		Watson Wyatt (1)	
32		Association of Superannuation Funds of Australia (ASFA) (1)	
33		Australian Securities Lending Association	
34		AXA Asia Pacific Holdings (1)	
35		Cbus (1)	
36		Count Financial (1)	
37		CPA Australia (1)	
38		Ernst & Young (1)	
39		Gordon, Isabel (1)	
40		Industry Funds Management	
41		Industry Super Network (ISN) (1)	
42		Institute of Actuaries of Australia (1)	
43		Institute of Chartered Accountants in Australia (ICAA) (1)	
44		Macquarie Bank (1)	
45		Confidential	
46		Confidential	
47		Confidential	
48		Confidential	
49		Name withheld	
50		Reed, Mervin (1)	
51		SMSF Professional Association of Australia (SPAA) (1)	
52		Statewide (1)	
53		Suncorp Life (1)	
54		Tower Australia Group (1)	
55		Townsends Business & Corporate Lawyers (1)	
56		UniSuper (1)	
57		Warakirri Asset Management	
58		Winsen, Joe 	
59		AMP (1)	
60		Asher, Anthony (1)	
61		Australian Council of Superannuation Investors	
62		Australian Institute of Superannuation Trustees (AIST) (1)	
63		Braes, Thomas 	
64		BT Financial Group (1)	
65		Climate Institute (1)	
66		Corporate Superannuation Association (1)	
67		Davis, Noel 	
68		D'Souza, Trevor 	
69		Fraser, Derek 	
70		Industry Funds Forum (1)	
71		ING Australia (1)	
72		Investment & Financial Services Association (IFSA)(1)	
73		Law Council of Australia (1)	
74		Mallesons Stephen Jaques	
75		Mercer (1)	
76		Confidential	
77		Name withheld	
78		Confidential	
79		Confidential	
80		Confidential	
81		Confidential	
82		Confidential	
83		National Tertiary Education Union	
84		Payne, Gerry 	
85		PricewaterhouseCoopers (1)	
86		QSuper (1)	
87		Regnan	
88		Selmes, DJ (1)	
89		Selmes, DJ (2)	
90		Australian Council of Trade Unions (1)	
91		Government Employees Superannuation Board (1)	
92		Confidential	
93		Confidential	
94		St Davids Rd Advisory (1)	
95		MLC (1)	
96		AustralianSuper (1)	
97		Drew, Les 	
98		Keresten, Anthony 	
99		Retail Employees Superannuation Trust (REST) (1)	
100		Siouclis, E 	
101		Confidential	
102		Australian Bankers' Association (1)	
103		Financial Planning Association (FPA) (1)	
104		Grenfell, Colin and Stevens, Ray 	
105		National Institute of Accountants (1)	
106		Fechner, Harry 	
107		Institute of Actuaries of Australia (2)	
108		Confidential	
109		Confidential	
110		Ranken, Bill 	
111		Hobbs, Paul 	
112		Name withheld	
113		Healthy Finances	
114		Lumsden, Graeme 	
115		Capital Partners	
116		Hajszan, W 	
117		Confidential	
118		Ratnakumar, Ratna (1)	
119		McLintock, George 	
120		Peace, Daryl 	
121		Confidential	
122		Confidential	
123		Somerville, Lindsay 	
124		Australia Institute (2)	
125		Dow, David A 	
126		Brouwer, Paul 	
127		Confidential	
128		Super Advice Services (2)	
129		Association of Independent Retirees (2)	
130		Goldberg, John 	
131		Confidential	
132		HCF Life	
133		Australian Council of Public Sector Retiree Organisations (2)	
134		Corporate Superannuation Association (2)	
135		Equipsuper (1)	
136		Ernst & Young (2)  	
137		Institute of Chartered Accountants in Australia (ICAA) (2)	
138		Confidential	
139		Name withheld	
140		Paul Cheever Consulting	
141		Jensen, Gerald 	
142		Confidential	
143		Confidential	
144		Confidential	
145		Accenture	
146		AMP (2)	
147		Association of Superannuation Funds of Australia (ASFA) (2)	
148		AusFund	
149		Australian Custodial Services Association	
150		Australian Institute of Superannuation Trustees (AIST) (2)	
151		BT Financial Group (2)	
152		Cbus (2)	
153		Constellation	
154		Count Financial (2)	
155		Cox, Kevin 	
156		CPA Australia (2)	
157		Cuscal	
158		EO Group	
159		First Dollar Software	
160		Hamson, Dom 	
161		Hodgkinton, Norman (2)	
162		Institute of Actuaries of Australia (3)	
163		Joint Submission: Brookvine, Principle Advisory Services and Shed Enterprises	
164		Kristof	
165		Law Council of Australia (2)	
166		LegalSuper	
167		LG super	
168		Lowe, Mark (1)	
169		Melbourne Centre for Financial Studies	
170		Mercer (2)	
171		Morningstar	
172		Name withheld	
173		Confidential	
174		Name withheld	
175		Confidential	
176		Confidential	
177		Confidential	
178		Confidential	
179		National Information Centre on Retirement Investments (1)	
180		PricewaterhouseCoopers (2)	
181		Prime Super	
182		Professional Associations Superannuation Limited	
183		QSuper (2)	
184		Quadrant Superannuation (1)	
185		Semple Solutions (2)	
186		Smith, Alan 	
187		Snowball Group	
188		Statewide (2)	
189		SuperChoice	
190		SWIFT Services Australia 	
191		T Rowe Price	
192		Townsend, Tony 	
193		UniSuper (2)	
194		WA Local Government Superannuation Plan	
195		Watson Wyatt (2)	
196		Challenger (1)	
197		Degabriele, Rosalie 	
198		Government Employees Superannuation Board (2)	
199		Mvision Private Equity Advisers	
200		Reed, Mervin (2)	
201		Retail Employees Superannuation Trust (REST) (2)	
202		Consumer Action Law Centre	
203		Confidential	
204		Perpetual Ltd	
205		SMSF Professional Association of Australia (SPAA) (2)	
206		Super Fringe Advisers	
207		AXA Asia Pacific Holdings (2)	
208		Corporate Super Specialist Alliance (1)	
209		MLC (2)	
210		Office of the Privacy Commissioner	
211		CHOICE	
212		Combined Pensioners & Superannuant Association of New South Wales	
213		Joint Submission: Australian Administration Services, Superpartners, Pillar Administration	
214		Confidential	
215		Professional Financial Solutions (1)	
216		St Davids Rd Advisory (2)	
217		Superpartners	
218		Australian Council of Trade Unions (2) 	
219		CBA Wealth Management (1)	
220		Centric Wealth	
221		Chant West	
222		Dakin, Hugh 	
223		DST Global Solutions	
224		Financial Planning Association (FPA) (2)	
225		Industry Super Network (ISN) (2)	
226		Investment & Financial Services Association (IFSA) (2)	
227		Lewis, Russell 	
228		Suncorp Life (2)	
229		Super Compliance Services (1)	
230		Tower Australia Group (2)	
231		Australian Administrator Services	
232		Confidential	
233		Rice Warner Actuaries (1)	
234		Waters Dace Partners	
235		National Institute of Accountants (2)	
236		Johnston, Adam 	
237		Hopson, Kathryn 	
238		Australian Bankers' Association (2) 	
239		Paterson, Robert 	
240		Ryan, Robin 	
241		Hurford, Greg 	
242		Jacobs, A B	
243		Lauwers, Herman 	
244		Duns, John and Gay, Roger   	
245		Confidential	
246		Nicholas, Graeme 	
247		Dreosti, Vic 	
248		Smith, Andrew 	
249		Confidential	
250		Payment Adviser	
251		National Foundation for Australian Women	
252		Climate Institute (2)	
253		Dimensional Fund Advisors	
254		Sanders, Peter 	
255		Simpson, Campbell 	
256		McLauchlan, Geoffrey 	
257		O'Neill, Peter 	
258		Lambourne	
259		LBW Chartered Accountants	
260		Stanway, Adam 	
261		Alexander, Bruce 	
262		Jacobs, Richard 	
263		Mahon, J and V (2)	
264		Cummings, Allen 	
265		Name withheld	
266		Chidzey, William 	
267		Name withheld	
268		Confidential	
269		Jones, William	
270		French, John 	
271		Hebbard, Colin 	
272		Pryor, Anne 	
273		Name withheld	
274		Horsham, Tony 	
275		Pazolli, Nick 	
276		Reith, Alan 	
277		Name withheld	
278		Ratnakumar, Ratna (2)	
279		Proctor, David 	
280		Australian Investors Association	
281		Borbiro, Peter and Poge, Brendan	
282		Doble, Alan 	
283		Gorey, James 	
284		Hay, Monica 	
285		Confidential	
286		Super Advice Services (4)	
287		Ernst & Young (3)	
288		Evans, Doug 	
289		Heyman, Lawrence 	
290		Hutchison, Greg 	
291		QSuper (3)	
292		Hewison & Associates	
293		Hodgkinton, Norman (3)	
294		Hogg, Denis 	
295		Melbourne SMSF	
296		Mercer (3)	
297		Taylor, Pauline 	
298		Association of Independent Retirees (3)	
299		Australian Council of Public Sector Retiree Organisations (3)	
300		Boucher, Jeffrey 	
301		CBA Wealth Management (2)	
302		Corporate Superannuation Association (3)	
303		Debenham, Ray  (2)	
304		Dixon Advisory	
305		Gerrie, Brenda 	
306		Glynn, Daniel 	
307		Gordon, Isabel (2)	
308		Local Super	
309		Confidential	
310		Pitcher Partners (1)	
311		Rohwedder, Jurgen 	
312		Sequal	
313		Smith, Richard 	
314		Stevens Lafferty Sellers	
315		Ulton	
316		Abacus Australian Mutuals	
317		AMP (3)	
318		Asher, Anthony (2)	
319		Association of Financial Advisers	
320		Association of Superannuation Funds of Australia (ASFA) (3)	
321		Australian Industry Group	
322		Bailey, Kym 	
323		Bloore, Andrew 	
324		CPA Australia (3)	
325		Davies, Phil 	
326		Davis, Owen 	
327		Dunsford, Geoff 	
328		Equipsuper (2)	
329		Financial Planning Association (FPA) (3)	
330		Hayden Financial Services	
331		Hey, Phillip 	
332		Institute of Actuaries of Australia (4)	
333		International Underwriting Services	
334		Joint Submission: Association of Superannuation Funds of Australia (ASFA), Australian Institute of Superannuation Trustees (AIST), Investment & Financial Services Association (IFSA), Corporate Superannuation Association	
335		Kingsley, Randall 	
336		Law Council of Australia (3)	
337		Lowe, Mark (2)	
338		Macquarie Bank (2)	
339		Markwell, John 	
340		Multiport	
341		Confidential	
342		Confidential	
343		Confidential	
344		Confidential	
345		Confidential	
346		Confidential	
347		Confidential	
348		Confidential	
349		Confidential	
350		Confidential	
351		Confidential	
352		NSW Treasury (2)	
353		Partners Superannuation Services	
354		Paull Group	
355		Positive Life NSW	
356		PricewaterhouseCoopers (3)	
357		Professional Financial Solutions (2)	
358		Reid, R E and S M 	
359		Selmes, DJ (3)	
360		Small Independent Superannuation Funds Association	
361		Smartsuper	
362		Smith and Hall	
363		SMSF Strategies	
364		Super Compliance Services (2)	
365		Taxation Institute of Australia	
366		Tower Australia Group (3)	
367		Towers Watson	
368		Townsends Business & Corporate Lawyers (2)	
369		Truslove, Allen 	
370		Unions NSW (1)	
371		UniSuper (3)	
372		Webb, Donald 	
373		Williams Partners	
374		Confidential	
375		Confidential	
376		Outlook Tax & Accounting Solutions	
377		Price Financial Intelligence	
378		Taxpayers Australia	
379		Trioli, John 	
380		Australian Institute of Superannuation Trustees (AIST) (3)	
381		Australian Shareholders Association	
382		Investment & Financial Services Association (IFSA) (3)	
383		Confidential	
384		Rennick, Bob 	
385		Robins, Trish 	
386		Industry Super Network (3)	
387		AustralianSuper (2)	
388		AXA Asia Pacific Holdings (3)	
389		National Information Centre on Retirement Investments (2)	
390		Victorian Government	
391		Australian Council of Trade Unions (3)	
392		BT Financial Group (3)	
393		Cbus (3)	
394		Corporate Super Specialist Alliance (2)	
395		Heffron Consulting & Cavendish Superannuation	
396		Institute of Chartered Accountants in Australia (ICAA) (3)	
397		KPMG  (all phases including SMSFS)	
398		Confidential	
399		Professional Financial Solutions (3)	
400		SMSF Professional Association of Australia (SPAA) (3)	
401		Suncorp Life (3)	
402		Edwards, Peter 	
403		Halstead, Brian 	
404		Rice Warner Actuaries (2)	
405		St Davids Rd Advisory (3)	
406		Investment & Financial Services Association (IFSA) (4)	
407		Essendon CPA Discussion Group	
408		Confidential	
409		Name withheld	
410		National Institute of Accountants (3)	
411		MLC (3)	
412		ING Australia (2)	
413		Confidential	
414		Australian Bankers' Association (3)	
415		Confidential	
416		Infrastructure Partnerships Australia	
417		Mushalik, Matt 	
418		Wallis, Ian 	
419		Green, Graeme 	
420		National Seniors Association	
421		Australia Post	
422		Name withheld	
423		Name withheld	
424		Name withheld	
425		Name withheld	
426		Name withheld	
427		Name withheld	
428		Name withheld	
429		Gordon Mackenzie	
430		Name withheld	
431		Corporate Super Association	
432		Mercer (4)	
433		Joint Submission (ICAA, CPA, NIA)	
434		Association of Superannuation Funds of Australia (ASFA) — SMSFs (4)	
435		Association of Superannuation Funds of Australia (ASFA) — SuperStream (5)	
436		Association of Superannuation Funds of Australia (ASFA) — MySuper (6)	
437		Law Council of Australia (4)	
438		SMSF Professional Association of Australia (SPAA) (4)	
439		Pitcher Partners (2)	
440		CBA Wealth Management (3)	
441		Association of Superannuation Funds of Australia (ASFA) — Supplementary submission (7)	
442		Challenger (2)	
443		Rice Warner Actuaries (3)	
444		ING Australia (3)	
445		Industry Funds Forum (2)	
446		Industry Funds Forum (3)	
447		Unions NSW (2)	
448		Prindable, Ross	
449		Quadrant Superannuation (2)	
450		AMP (4)	
451		Association of Western Australian Art Galleries	
452		Super Compliance Services (3)	
453		WHK 	

APPENDIX J:  PUBLISHED SPEECHES
The following speeches are available on the Super System Review website (www.supersystemreview.gov.au).
Date	Speech	
		
8 June 2010	The Review so far …
Stockbrokers Association Of Australia, 2010 Annual Stockbrokers Conference
Jeremy Cooper, Chair, Super System Review	
26 May 2010	Super: the case for microeconomic reform
An address to the Committee for Economic Development of Australia (CEDA)
Jeremy Cooper, Chair, Super System Review	
18 February 2010	A Conversation About SMSFs
2010 SPAA National Conference 
Jeremy Cooper, Chair, Super System Review	
12 November 2009	Scale, Focus and Alignment
ASFA 2009 Conference: 'Super in the New Age'
Jeremy Cooper, Chair, Super System Review	
18 June 2009	Observations on Retirement
ASFA Luncheon
Jeremy Cooper, Chair, Super System Review	

APPENDIX K:  OTHER SUPERANNUATION RELATED REVIEWS
This Review has been conducted concurrently with several other super‑related reviews, including:
Australia’s Future Tax System Review (AFTS) — which reported to Government on 31 December 2009 and was responded to by Government on 2 May 2010;
▪	The Parliamentary Joint Committee on Corporations and Financial Services Inquiry into Financial Products and Services in Australia (Ripoll report) — which reported to Government on 23 November 2009 and was responded to by Government on 26 April 2010; and 
▪	The Australian Financial Centre Forum’s report, Australia as a Regional Financial Centre: Building on Our Strengths (Johnson report) — which was released on 15 January 2010 and responded to by Government on 11 May 2010.
This final report needs to be viewed in the context of the issues addressed by these reviews.
11.1	AFTS Review
The Henry Review was tasked with recommending improvements to the tax and transfer payment system for retirees.  Consequently, these issues are beyond the terms of reference of this Review.  As changes in this area have the potential to alter the superannuation system significantly, it is worth noting that the AFTS Review recommended that: 
▪		the tax on contributions be abolished and employer contributions be treated as income in the hands of the individual, that an offset for low income earners be introduced, and the annual cap on contributions should be maintained;
▪		the tax rate on superannuation fund earnings should be halved to 7.5 per cent.  It should also apply to capital gains (without a discount) and the earnings from assets supporting superannuation income streams.  Superannuation funds should retain their access to imputation credits;
▪		the restriction on people aged 75 and over from making contributions should be removed.  However, the work test should still apply for people aged 65 and over.  There should be no restrictions on people wanting to purchase longevity insurance products from a prudentially regulated entity;
▪		the government should support the development of a longevity insurance market within the private sector through making available the data needed to create and maintain a longevity index, issuing long‑term securities when fiscally appropriate and removing prescriptive rules in the SIS Regulations relating to income streams that restrict product innovation.  This should be done in conjunction with the recommendation to have a uniform tax on earnings on all superannuation assets;
▪		the government should consider offering an immediate annuity and deferred annuity product that would allow a person to purchase a lifetime income;
▪		superannuation guarantee contributions should be paid at the same time as wages and employers should report superannuation contributions to their employees when a contribution is made; 
▪		there should be a method of linking superannuation records, such as client identifiers like the tax file number, to make it easier for people to manage their superannuation; 
▪	a superannuation portal where people can interact with government agencies and get information on retirement incomes should be developed.  Over time this portal should evolve, subject to suitable safeguards, so that people can manage all their superannuation through one channel; and
▪		the preservation age for Service Pensioners should remain at 60 as it is already legislated to align with the eligibility age for that pension.  An increase in the preservation age should apply to people who currently have a legislatively prescribed retirement age.
In response, the Government has announced an initial package of superannuation reforms:
▪		a 12 per cent SG — commencing with a 0.25 percentage point increase in 2013‑14 and 2014‑15, followed by 0.5 percentage point increments until the SG reaches 12 per cent by 2019‑20;
▪		a low income earners Government contribution — from 1 July 2012.  The Government will provide a contribution of up to $500 annually into the superannuation account of workers on adjusted taxable incomes of up to $37,000;
▪		concessional superannuation contribution caps for those nearing retirement — from 1 July 2012.  Workers aged 50 and over with superannuation balances below $500,000 will be able to make up to $50,000 in annual, concessional superannuation contributions;  and
▪		Raising the SG age limit from 70 to 75 — from 1 July 2013.  
The Government also announced that it would consider the majority of recommendations further, although it has ruled out offering a Government annuity product.  
11.2	Ripoll report
As the superannuation system is a component of Australia’s financial system, overall changes to financial products and services regulation has implications for the superannuation system.  In this regard, the Ripoll report made a number of recommendations of particular relevance to superannuation, including that:
▪		the Corporations Act be amended to explicitly include a fiduciary duty for financial advisers operating under an AFSL, requiring them to place their clients' interests ahead of their own;
▪		the Corporations Act be amended to require advisers to disclose more prominently in marketing material restrictions on the advice they are able to provide consumers and any potential conflicts of interest;
▪		the government consult with and support industry in developing the most appropriate mechanism by which to cease payments from product manufacturers to financial advisers;
▪		ASIC immediately begin consultation with the financial services industry on the establishment of an independent, industry‑based professional standards board to oversee nomenclature, and competency and conduct standards for financial advisers; and
▪		ASIC develop and deliver more effective education activities targeted to groups in the community who are likely to be seeking financial advice for the first time.
In response, the Government announced the Future of Financial Advice reform package, which includes measures that go beyond the recommendations of the Ripoll report.  Overall, the reforms are focused on improving the quality of financial advice and enhancing retail investor protection.  They include: 
▪		the introduction of a statutory fiduciary duty so that financial advisers must act in the best interests of their clients, subject to a 'reasonable steps' qualification, and place the best interests of their clients ahead of their own when providing personal advice to retail clients;
▪		simplifying the disclosure of advisory services provided to consumers by improving the Financial Service Guide (FSG); 
▪		a prospective ban on conflicted remuneration structures, including commissions and volume based payments, in relation to the distribution and advice of retail investment products including managed investments, superannuation and margin loans.  The measure does not initially apply to risk insurance.  Furthermore, percentage‑based fees (known as assets under management fees) can only be charged on ungeared products or investment amounts and only if this is agreed to by the retail investor;
▪		establishing an expert advisory panel which will review professional standards in the financial advice industry, including conduct and competency standards; 
▪		the introduction of a product neutral ‘adviser charging’ regime, which retains a range of flexible options for which consumers can pay for advice, and includes a requirement for retail clients to agree to the fees and to annually renew (by opting into) an adviser's continued services;
▪		expanding the availability of low‑cost 'simple advice' to provide access to and affordability of financial advice;
▪		enhancing the powers of the ASIC in relation to licensing and banning of individuals from the financial services industry; and
▪		an examination of the need for, and costs and benefits of, a statutory compensation scheme for financial services by Mr Richard St John, who has significant corporate law experience.
The majority of these reforms, including the prospective ban on conflicted remuneration structures, adviser charging regime, and statutory fiduciary duty, will commence from 1 July 2012, following the Government consulting with industry on the implementation of the reforms.

11.3	Johnson report
The Johnson report found that, as at June 2009, the Australian funds management industry had $1.2T under management and that it has the largest pool of funds under management in the Asia‑Pacific region and the fourth largest in the world (this largely reflects Australia’s compulsory superannuation system).
The recommendations of the Johnson report, which were largely accepted by the Government, cover a number of measures that are designed to see Australia realise its potential as a regional financial centre.  For example, an increase in the pool of funds under management in Australia will benefit the superannuation industry by introducing efficiencies (through scale) and thereby lowering transaction costs.  It will also encourage innovation in financial products.  Easing restrictions on cross‑border transactions will make a greater range of investment opportunities available.
While there is some degree of overlap between this report and the recommendations of concurrent reviews, this reflects the interconnected nature of the financial system.  Where potential overlap applies, this report seeks to build on the recommendations of either the Henry Review or Ripoll Report as they specifically apply to the superannuation system.  In particular, this report makes several recommendations relating to financial advice (particularly in chapters 1 and 8), the payment of contributions (chapter 9) and the development of an information portal (chapter 4).  The Panel takes a different position in relation to adviser commissions in insurance from that taken in the Future of Financial Advice package.  In chapter 5, the Panel recommends that adviser commission on insurance in superannuation be banned.