The federal government is establishing a Council of Superannuation Custodians to ensure stability around superannuation.
In a joint statement with minister for financial services and superannuation Bill Shorten, treasurer and deputy prime minister Wayne Swan said the council's role will be to ensure any future changes to super are consistent with a new Charter of Superannuation Adequacy and Sustainability.
Quoting former prime minister, Paul Keating, who introduced compulsory super during his time in parliament, Mr Swan said, "The basic objective of the government's retirement incomes policy is to ensure that all members of the population have an adequate and secure level of income retirement."
The government will consult on the content of the charter but have said it will outline the core objects, value and principles of the Australian super system.
The council will be charged with assessing future policy against the charter and providing a report to be tabled in parliament.
In addition, the council will provide an annual report on the superannuation system, using the charter as a guide.
"By establishing an independent and robust institutional framework through which all future superannuation changes are measured, the council and charter will ensure that the Labor legacy of superannuation is enhanced and protected for generations to come," the statement said.
The make-up of the council will be finalised following public consultation but is expected to comprise of community, industry and regulator representatives.
Its membership will be determined following consultation by the government and will also be supported by a secretariat from existing department resources.
A charter group will be established in consultation with the industry in coming weeks to develop the charter and council.
Addressing the changes, Financial Services Council chief executive John Brogden said that his organisation had received no prior indication that the council would be formed but said anything that depoliticises superannuation is a good thing.
"This council would need to have an absolute guarantee that it is fully and genuinely independent of government. But the capacity for an independent body to consult with government, to advise government, to review proposals from government is a good idea," he said.
He said the government "hasn't put much more meat on the bones on the charter of the council" but hoped that it would result in increased certainty for Australia as they invest to retire.
The move was also broadly welcomed by other segments of the industry.
"The super debate needs be held on the basis of achieving certainty, adequacy, fairness and sustainability for all working Australians, and AIST would be pleased to be an active participant on the government charter group," said Australian Institute of Superannuation Trustees chief executive Tom Garcia.
Financial Planning Association chief executive Mark Rantall said, "[we] hope that this will serve to remove superannuation from the annual federal Budget cycle and the political debate and allow an independent body, similar to the RBA, to determine the appropriate policy setting for the super system."
Chair and national spokesperson for Women in Super, Cate Wood, said the council would "provide an opportunity for a serious examination of how we can overcome the structural flaws in the retirement savings system, which lead to such inequitable outcomes for women."
However, Institute of Public Accountants chief executive Andrew Conway was unconvinced.
"There have been a large number of reviews, from systemic taxation reviews to comprehensive superannuation reviews; we are unsure as to how a 'charter' will impact on better retirement savings outcomes for Australians," he said.
