ASIC deputy chair Jeremy Cooper will move from his job at the regulator to lead the government's review of the superannuation system.
At the same time, Minister for Superannuation Nick Sherry has announced the terms of reference for the review.
Cooper will lead a five-person panel made up of part-time members including Sandy Grant, Brian Wilson, Kevin Casey, Greg Evans and David Gruen.
The panel members come from the industry, corporate and retail superannuation sectors as well as funds management and business.
The terms of reference will look at the governance, efficiency, structure and operation of Australia's superannuation industry.
Both the compulsory and voluntary parts of the industry will also come under review.
Trustee knowledge and skills, the role of debt and leverage in investment options used by superannuation funds will be part of the scope of the terms of reference.
Other aspects that will come under the review include a look at active and passive investors, compulsory and voluntary contributions, cost effectiveness and competition in the industry, maximising returns to members, default products, conflicts of interest and advice.
The announcement follows the government's decision last month to establish a communiqué of principles on the superannuation system, including a review of its operation.
The review will report to the government by 30 June 2010.
