Comparative Superannuation Law (LAWS90012)

The Australian superannuation system has become a world-wide model for occupational pension plans for other countries to emulate, especially as many countries face increasingly-ageing populations and the need to develop effective retirement-saving systems. The Australian system’s mandatory, defined contribution plan model, coupled with its use of stand-alone pension funds, provides an innovative system for guaranteeing retirement security for its citizens. After studying the Australian superannuation system, a number of other country workplace pension models will be explored, such as the United States, Canada, the United Kingdom, France, Germany, the Netherlands, and Japan. The subject will not only seek to determine the benefits and disadvantages of the various workplace pension systems, but also ask what role occupational pensions should play in the larger provision of retirement to the elderly, and what should happen to employee occupational pension claims where the employer becomes insolvent.

Principal topics include:

• The Australian superannuation system, including the history of its development, its current form, and prospects for future modification
• Other forms of occupational pension schemes throughout the industrial world, with emphasis on the systems utilised by the United States, Canada, the United Kingdom, France, Germany, the Netherlands and Japan
• Discussion of the major policy issues surrounding the development of workplace pensions, including the ageing of the population, the recent financial difficulties faced by many governments, the choice between defined benefit pension plans and defined contribution pension plans, and the choice between governmental pension plans and occupational pension plans
• Exploration of the insolvency system in Australia and in other countries to examine how pension claims are treated during an employer’s insolvency.