Superannuation Law and Regulation (LAWS90239)

Superannuation is the centrepiece of Australia’s retirement system and Australia’s superannuation regime is one of the largest in the world, with millions of member accounts in nearly 600,000 superannuation funds, and assets under management exceeding $3 trillion. This new subject, taught by an expert in superannuation policy and regulation, provides a detailed understanding of Australian law, policy and regulation of superannuation. It explains the current form and policy challenges of superannuation in its historical context.

Students will learn about the regulatory framework that governs superannuation, including licensing, prudential standards, conduct and disclosure, regulated by the two financial services regulators, the Australian Securities and Investments Commission  and the Australian Prudential Regulation Authority. The subject presents the legal  that governs superannuation and its relationship with other legal regimes including taxation law settings for superannuation, employment law and social welfare. The subject will feature presentations by, and discussions with, senior experts from government, the funds industry and the legal profession.

Principal topics will include:

• History and development of Australia’s superannuation system and analysis in international context.
• Structure and design of superannuation including defined benefit and defined contribution; types of fund including industry, retail, government funds and self-managed superannuation funds
• The compulsory Superannuation Guarantee (coverage, exceptions and limits) and voluntary superannuation savings for individuals and businesses
• Regulatory obligations: Licensing, conduct, governance, fees, disclosure and prudential obligations for investment
• Role of the regulators, including the Australian Prudential Regulation Authority (APRA),Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO)
• Introduction to tax policy and law for superannuation contributions, earnings and benefits
• Interactions of superannuation with the Age Pension and with employment (including employer obligations and prohibitions)
• Analysis of recent and upcoming superannuation reforms including account consolidation; optional insurance; early release of superannuation; home super saver; Your Future, Your Super; and the Retirement Income Covenant
• The future and key policy questions for superannuation including adequacy of retirement incomes; gender inequality; home ownership ; transparency and investment ‘activism’.