Legislating the objective of superannuation
The Government intends to legislate that the objective of the superannuation system is “to provide income in retirement to substitute or supplement the Age Pension”. The legislation to achieve this, the Superannuation (Objective) Bill 2016, has been introduced into Parliament. It also includes a number of secondary objectives.
From 1 July 2017 all changes to superannuation legislation must be accompanied by a statement that explains how the changes are consistent with the objective of the superannuation system.