The government has announced an independent review of the retirement income system 27 years after the establishment of compulsory superannuation, following a recommendation by the Productivity Commission.
The review will look at the three pillars of the existing retirement income system, being the Age Pension, compulsory superannuation and voluntary savings.
In doing so, the review will cover the current state of the system and how it will perform in the future as Australians live longer and the population ages, Treasurer Josh Frydenberg and Senator Jane Hume announced in a joint statement on Friday.
“Through its work, the review will establish a fact base of the current retirement income system that will improve understanding of its operation and the outcomes it is delivering for Australians.”
Mr Callaghan will chair the review, together with Scentre Group board member Carolyn Kay and the chair of the SMSF Association, Deborah Ralston.
A consultation paper will be released in November 2019 and the final report will be provided to the government by June 2020.
Alongside the statement, the government also published the terms of reference for its review, stating that it will “establish a fact base of the current retirement income system that will improve understanding of its operation and the outcomes it is delivering for Australians”.
