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The Federal Government has announced the terms of reference of its review into the Australian superannuation system but has specifically excluded discussion of the Henry Tax Review.
The terms of reference was released by the Minister for Superannuation and Corporate Law, Senator Nick Sherry, who also named an expert five-person panel, which will be headed by the deputy chairman of the Australian Securities and Investments Commission (ASIC), Jeremy Cooper, who will be standing aside from his regulatory role.
The minister said the expert panel would guide what would 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.
The panel members are industry funds stalwart Sandy Grant, former Lazard managing director Brian Wilson, AMP superannuation specialist Kevin Casey, the acting chief executive of the Australian Chamber of Commerce and Industry, Greg Evans, and Treasury deputy secretary David Gruen.
While the terms of reference of the review traverse governance, efficiency, structure and operation, the exclusion of the matters covered by the Henry Tax Review and discussion of the central clearing house arrangements mean some key issues, such as the future level of the superannuation guarantee and levels of taxation, will be limited.
