Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, today announced the establishment of a Superannuation Advisory Group.
"Superannuation sits at the core of this Government's approach to retirement income. A well functioning super system is a must for the income security of all Australians.
"The Group has been established to provide an ongoing means of direct consultation with the superannuation industry and to act as a direct sounding board for the Government on superannuation issues.
"I anticipate that the Committee will provide a high-level perspective on superannuation issues and complement broader stakeholder consultations being undertaken by the Government," said Minister Sherry.
Membership of the Committee is drawn broadly from academia and the superannuation industry with membership selected for their knowledge of the industry. Members will participate in their personal capacities and not as representatives of any particular institution or organisation.
Member Mr Richard Gilbert, CEO of the Investment and Financial Services Association said, "Industry welcomes this initiative, it is the first for a long time and the first for a Superannuation Minister, and it's good that the players are at the table with the Minister".
Fellow member Ms Andrea Slattery, CEO of the Self Managed Super Funds Professional's Association of Australia added that the Government is "to be congratulated on its decision to develop direct consultation with industry. This landmark initiative will ensure the integrity and stability of the superannuation environment for all Australians".
The Government expects that the Group will make a significant contribution by providing background information, whole of system and technical expertise and assist in the consideration of proposals affecting the superannuation industry.
"The Group draws on a wealth of experience in the superannuation industry and I wish to thank members for agreeing to participate. The Group will aim to meet three times a year,' Minister Sherry concluded.
The Group has conducted its first meeting today, March 3, 2008 at Parliament House in Canberra.
Membership of the Superannuation Advisory Committee
Senator the Hon Nick Sherry (Chair), Minister for Superannuation and Corporate Law
Ms Jo-Anne Bloch
Ms Bloch has extensive experience in the financial services industry. She is currently the Chief Executive Officer of the Financial Planning Association of Australia.
Associate Professor Marilyn Clark-Murphy
Associate Professor ClarkâMurphy had a career in the private sector, primarily in financial services, prior to entering academia. She is currently Head of the School of Accounting, Finance & Economics at Edith Cowan University.
Mr Richard Gilbert
Mr Gilbert has a long record of participating in Government consultations with the superannuation industry. He is currently the Chief Executive Officer of the Investment and Financial Services Association and Chairperson of the International Investment Funds Association.
Mr John Maroney
Mr Maroney has wide experience in the superannuation industry including senior roles within Government (including as Australian Government Actuary) and the private sector. He is currently the Chief Executive Officer of the Institute of Actuaries of Australia.
Mr Terry McCredden
Mr McCredden has been involved in the Australian superannuation industry for over 24 years. He is currently the Chief Executive Officer of Telstra Super Pty Ltd.
Professor John Piggott
Professor Piggott is a specialist in retirement and pension economics and finance. He is currently Associate Dean Research, Australian School of Business, at the University of New South Wales.
Ms Andrea Slattery
Ms Slattery has longstanding experience and involvement with the Self Managed Superannuation sector of the superannuation industry. She is currently the Chief Executive Officer of the Self Managed Super Fund Professionals' Association of Australia Ltd.
Ms Pauline Vamos
Ms Vamos has over 20 years experience in the financial services industry. She is currently the Chief Executive Officer of the Association of Superannuation Funds of Australia Limited.
Ms Rosemary Vilgan
Ms Vilgan has longstanding experience and involvement with Public Sector Superannuation. She is currently the Chief Executive Officer of QSuper Board of Trustees, QSuper Limited and Government Superannuation Officer.
Mr Garry Weaven
Mr Weaven has longstanding experience and involvement with the Industry Funds sector of the superannuation industry. He is currently the Chair of Industry Funds Management.
Superannuation Advisory Committee Terms of Reference
The Superannuation Advisory Committee has been established to enable the Government to seek advice on matters relevant to current or prospective superannuation legislation and on Government policy proposals which have significant impact for the superannuation industry.
The Committee provides a confidential forum in which, through the frank exchange of views, the Government can be kept fully informed of members' views. It also provides a forum for members to raise matters which they consider should be brought to the Government's attention.
It is expected that the Committee will make a significant contribution in providing background information and technical expertise and assisting in the consideration of policy proposals affecting the superannuation industry.
Members are chosen for their knowledge of the superannuation industry and they participate in their personal capacities and not as representatives of a particular institution or organisation. Government officials will serve as ex-officio members.
Committee membership will be reviewed annually. Meetings are expected to be held three times a year and will be chaired by the Minister for Superannuation and Corporate Law (or delegate).
The Minister for Superannuation and Corporate Law may vary the terms of reference for the Committee from time to time.