Proposed reforms to superannuation

Australia’s superannuation system has been the subject of sustained scrutiny and political, industry and media debate since the release in February 2019 of the Hayne Financial Services Royal Commission Report.

Since then, the Retirement Income Review has been completed and APRA is now in its second year of conducting its Your Super Your Future performance test, which I am pleased to report legalsuper has passed on both occasions.

During this period, there have also been a range of associated policy reforms and changes to the regulatory framework governing superannuation about which legalsuper has always kept members fully informed.

The latest Government announcement of a consultation process entitled Legislating the objective of superannuation has resulted in sustained, high-profile debate with multiple organisations and individuals canvassing a range of potential reforms to Australia’s superannuation system.

The super industry is accustomed to ongoing debate in public policy and commercial settings about further proposed changes and reforms. However, legalsuper’s priority is to keep all members informed and supported when change does actually occur, rather than being distracted by debate and uncertainty. We do and will continue to actively participate in relevant industry discussions to ensure our members’ views are represented and advocated for.

We are continually monitoring developments. So if and when any changes do occur, we will ensure our members are made aware of any relevant changes, what they actually mean, and whether they need to take any actions.