Approximately 12 months ago, the Federal Government commissioned an extensive review to examine the governance, operation, efficiency and structure of Australia's superannuation system (known as the Cooper Review).
In accordance with the Terms of Reference, the Super System Review panel delivered its final report to the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, on 30 June 2010. The Government released that report to the public on 5 July 2010. The focus of the review was on achieving a superannuation system that is in the best interests of fund members, that maximises retirement incomes for all Australians and improves the regulation of the system while at the same time reducing business costs within the system.
Ultimately, it is up the Minister to determine what the Government will and will not adopt by way of reforms. Although the Federal Government initially indicated that it would respond appropriately within the next few weeks, since that time, an election has been called and so we do not expect to receive a response from the Government for some time.
For more information on the Cooper Review and its recommendations visit the Federal Government's website: www.australia.gov.au.
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