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”.

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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