Superannuation will play an increasingly pivotal role with regard to individual and national saving, the economy and living standards. This report examines Australian superannuation past, present and future. It examines the various forces that impact on superannuation and the requirements put upon it and looks at future directions, culminating in ten recommendations, being five for government policy, three for industry strategy and two for the individual superannuant. The existing situation is built on, with observations made to identify problems, trends and solutions. Literature used is from academic, financial and industry sources.
This report discusses the changing situations in the following areas being industrial relations, taxation, demographics, health costs and career patterns ill relation to superannuation. The position of women with regard to superannuation is looked at. The legal environment including the role of trustees is outlined, as is the potential for fraud in the industry. Four categories of superannuation funds, their performance and the investment products they offer are looked at. The British and Singapore superannuation systems are discussed, as are four alternative superannuation systems. Attitudes to superannuation are discussed. International environmental, industry, market and investment forces impacting on superannuation are looked at. In the future it appears that suitable superannuation characteristics required will include choice, portability, preservation, favourable taxation treatment, full employer vesting, universal coverage and flexibility in an increasingly deregulated market driven superannuation system, which is serviced by a globally linked industry.