The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Bill Shorten

Bill Shorten

Minister for Financial Services & Superannuation

14 September 2010 - 1 July 2013

Media Release of 04/06/2012

NO.028

Superstream Advisory Council - Call for Nominees

The Government is calling for nominations from individuals interested in being appointed to the SuperStream Advisory Council.

The Government has confirmed in the Budget its commitment to the SuperStream reforms. "These reforms will make the superannuation system easier to use for members, employers and funds" Minister Shorten said.

SuperStream is a package of reforms that will improve the operation of the superannuation system, making it easier for members to keep track of and consolidate their superannuation accounts and making the system more efficient by streamlining the operational processes for funds and employers. The reforms were recommended by the Super System Review chaired by Jeremy Cooper. Industry submissions to the Review estimated savings to the industry of up to $1 billion are achievable through the reforms.

"These are important, significant and wide reaching reforms and will be implemented in a staged process over a number of years. For these reasons the Government is establishing a SuperStream Advisory Council which will have the role of providing advice to Government on issues relevant to the successful implementation and maintenance of the reforms."

Written nominations (accompanied by a short CV) should be directed to:

Principal Adviser - Superannuation
Personal and Retirement Income Division
Department of Treasury
Langton Crescent
PARKES ACT 2602

Email: StrongerSuperSuperStream@treasury.gov.au

Nominations close on Friday 22 June

Please see Fact Sheet for additional background on SuperStream.

25 May 2012


Attachment

SuperStream Advisory Council - Terms of Reference

The SuperStream Advisory Council is to be established to provide advice to Government to assist in the efficient and effective implementation of the new superannuation data and payment standards and e-commerce requirements. The Council is to have an ongoing role post implementation in monitoring the success of the standards and recommending refinements and improvements to the standards where appropriate.

The Council will also provide advice to Government on other issues related to SuperStream referred to the Council by Government.

Members of the Council would be expected to act in an individual capacity, rather than as representatives of any particular organisation, and to meet their own costs of attending meetings and contributing to the work of the Council.

Responsibilities

The Advisory Council will:

  • Review, assess and make recommendations on proposed standards documentation.
  • Monitor implementation of the new standard, including levels of take-up and readiness of stakeholders and identify and advise on potential improvements in the implementation process.
  • Influence the timely adoption of the standards by stakeholders.
  • Review, assess and make recommendations on proposed change requests to the standard.
  • Advise on the impacts of any proposed changes to the standard on stakeholders, including consideration of costs, and timing and scheduling of change requests, and the potential benefits arising from the proposed changes.
  • Recommend potential innovation in the standards framework and how these might be trialled and tested to ensure the ongoing stability and integrity of the standards framework.
  • Review, assess and make recommendations on improvements to business practices related to the standards.
  • Review and report on measures of success and progress on the standards more generally to Government.

Provide advice to Government on other SuperStream issues referred by Government.