The Australian Institute of Superannuation Trustees (AIST) has urged the establishment of an independent, publicly-funded body tasked with assessing the degree to which future superannuation policy complies with the legislated purpose of superannuation.
In a submission filed with the Treasury on the purpose of superannuation, the AIST acknowledged that the idea of such an independent body had been considered by the Financial System Inquiry but, ultimately, was dismissed largely on the basis of concerns about appropriate accountability mechanism.
However, the AIST said it supported the establishment of an independent publicly funded body for the role and was urging the Government to revisit this issue.
“The funding of such a body should be subject to regular review by Government, with the funding tied to a performance audit undertaken as part of a review,” the submission said.
The AIST said the body should be chosen following a competitive evaluation or tender process.
“This body should use objective measures such as the AIST-Mercer Super Tracker to assess performance and policy against the key principles of fairness, adequacy and sustainability,” the submission said.
It said that while, of itself, this would not guarantee impartiality or consensus, it would “nonetheless institutionalise a process that will add transparency, objectivity and stability”.
