In October 2015, the Government announced that it would develop legislation to enshrine the objective of superannuation, as part of its response to the Financial System Inquiry (FSI).
The Government has accepted the recommendation of the FSI that the objective of the superannuation system is to provide income in retirement to substitute or supplement the Age Pension.
The Government has released today the discussion paper entitled ‘The objective of superannuation’. This paper provides background and questions for consultation on the proposed objective of the superannuation system.
The discussion paper observes that originally one of the objectives of the superannuation system was create or boost a ‘savings pool’, however, this has already been achieved.
Stakeholders are invited to comment on the discussion paper by lodging a submission online. Submissions will close on 6 April 2016.