Super charter group revealed

Bill Shorten has revealed the members of a group hand-picked to write a charter for a new independent umpire for Australia’s $1.5 trillion super sector.

The charter group includes the deputy chairman of the prudential regulator, the former head of National Australia Bank’s wealth arm, and the author of a review into the superannuation system.

The five-strong group announced today will create a Charter of Superannuation Adequacy and Sustainability, which will guide the new Reserve Bank-style council set up to evaluate the merits of proposed changes to super.

Australian Prudential Regulation Authority deputy chairman Ross Jones, the recently departed head of MLC Steve Tucker, and Jeremy Cooper, the author of the Cooper review into super and now chairman of retirement income at financial services firm Challenger, will form part of a Charter Group.

The final members are Elana Rubin, recently a chair of industry fund giant AustralianSuper, and Alan H Goldberg QC, Superannuation and Financial Services Minister Bill Shorten said.

Last month the government announced a new Council of Superannuation Custodians. This council was being set up to be an impartial body that monitors the policy and principles of Australia’s superannuation system. Its members were yet to be chosen.

But Shadow Minister for Financial Services and Superannuation Mathias Cormann derided the announcement, saying “to protect people’s superannuation savings, we don’t need more bureaucracy, we need a change of government.”

“We already have a Council of Custodians – they are the Australian people, who will pass judgment on this government at the next election.”

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