Head of Education Kylie Blundell SA FIN, who will be co-ordinating FINSIA’s response, said: “It is an important part of FINSIA’s role to complement the work of policymakers and advocate on behalf of our members.
“Australia’s $3.4trillion superannuation system is rightly envied around the world, so it is incumbent on us to play an active role in ensuring that remains the case in the future and even how it can be improved.
“Practitioner input from across our membership has always been a cornerstone of FINSIA advocacy so we can make our collective views known to Treasury.
“We are looking to include additional volunteers from our member base who we know will bring a diverse range of experiences and expertise from the financial services sector to help formulate FINSIA’s submission.”
The Treasury review notice states: “This consultation paper provides context about the history of Australia’s superannuation system, the rationale for enshrining the objective of superannuation in law and provides some options on potential framing. It also sets out how a legislated objective could improve accountability and transparency in policy development.
“Legislating an objective of superannuation will provide stability and confidence to policy makers, regulators, industry, and the community, that changes to superannuation policy will be aligned with the purpose of the superannuation system. It will also ensure members and funds have a shared understanding of the purpose of superannuation throughout both the accumulation and retirement phases.
“The government is seeking stakeholder feedback on the framing of the draft objective of superannuation, including the benefits of the objective and its practical application. Specific consultation questions are outlined at the end of the paper.”
Contact Head of Education Kylie Blundell at [email protected] or 1300 346 7 42