The Superannuation (Objective) Bill 2023 (Cth) has been introduced into the House of Representatives. The Bill defines the objective of superannuation as: “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.
UPDATE: The Bill was passed by the House of Representatives on 19 March 2024 and introduced into the Senate on 20 March 2024.
UPDATE: The Bill finally passed both Houses on 28 November 2024 and is awaiting Royal Assent.
The Objective Bill enshrines the objective of superannuation in legislation, requiring policy makers to assess future changes to superannuation legislation for compatibility with this objective.
The objective is not intended to change the operation or interpretation of existing superannuation law, prudential standards or governing rules of superannuation entities.
The Explanatory Memorandum also states:
“…the objective does not impact regulatory supervision activities. While aligned with, it is separate from trustees’ fiduciary duties and is not intended to guide the regulation of trustees’ conduct or change existing trustee obligations.
The objective can however serve as a reminder to trustees of superannuation entities (which includes all APRA-regulated superannuation funds, approved deposit funds and pooled superannuation trusts and self-managed superannuation funds) of their role in the superannuation system, including to support members holistically during their working life and through retirement. “
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
