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Review of Certain Superannuation Acts

This inquiry report was released on 16 April 2002.

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Contents

Preliminaries
Cover, Copyright, Signing Page, Terms of reference, Contents, Abbreviations, Key messages, Overview, Recommendations and finding

1 Background of the inquiry
1.1 Terms of reference
1.2 Legislation under review
1.3 Analytical framework
1.4 Participants' views
1.5 Conduct of the inquiry
1.6 Report structure

2 The superannuation industry
2.1 Regulatory environment
2.2 Superannuation asset growth and development
2.3 Financial structure of the industry
2.4 Industry composition
2.5 Operating costs

3 The SIS legislation
3.1 Overview of the SIS legislation
3.2 Participants' general views of the SIS legislation
3.3 The SIS Act and retirement incomes policy

4 SIS legislation: restrictions on competition
4.1 Approved trustees
4.2 Custodians
4.3 Approved auditors and actuaries

5 The SIS legislation: compliance cost concerns
5.1 Introduction
5.2 Requirements governing operations of superannuation entities
5.3 APRA reporting requirements

6 The SIS legislation: other provisions under review
6.1 Trust and trustee requirements
6.2 Requirements governing operations of superannuation entities
6.3 Investment rules
6.4 Provisions defining annuities and pensions
6.5 Exemption of some public sector superannuation schemes
6.6 Administration

7 Modifications to the SIS legislation
7.1 Option 1 - improve specific areas of the legislation
7.2 Option 2 - introduce an effective 'licensing' arrangement
7.3 Option 3 - remove duplication of compliance
7.4 Option 4 - revise the structure of the legislation
7.5 Recommendations

8 Superannuation (Resolution of Complaints) Act 1993
8.1 Background
8.2 Objective
8.3 Benefits
8.4 Costs
8.5 Preliminary conclusion
8.6 Scope for improvement
8.7 Assessment

9 Other legislation under review
9.1 Providing for financial assistance in some 'failure' situations
9.2 Funding supervision of self-managed superannuation funds
9.3 Occupational Superannuation Standards Regulations Application Act

A Terms of reference: correspondence
A.1 Introduction
A.2 List of submissions
A.3 Visits
A.4 Public hearings

References