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Superannuation Law and Policy (LAWS90239)
Graduate courseworkPoints: 12.5On Campus (Parkville)
About this subject
Contact information
November
Teaching staff:
Emily Millane (Subject Coordinator)
For current student enquiries, contact the Law School Academic Support Office
Overview
Availability(Quotas apply) | November |
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Fees | Look up fees |
Australia’s superannuation assets represent the fifth largest pool of pension savings in the world, with funds under management exceeding $3.5 trillion. How is this system managed? And what are its politics? What are the key legal and policy issues funds are grappling with?
Featuring presentations by senior experts from government, the funds industry and the legal profession, this subject provides a detailed understanding of Australian law and policy and examines the political economy of Australian superannuation: who it benefits, who it disadvantages, and its design implications.
The subject 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 Australian Securities and Investments Commission, the Australian Prudential Regulation Authority, and the Australian Taxation Office. The subject will also examine interaction with other legal regimes including taxation law settings for superannuation, employment law and social security.
The subject also examines current ‘hot topics’ in pension policy, including climate investments and greenwashing.
Indicative list of principal topics:
- History and development of Australia’s superannuation system: why did Labor introduce a privately managed, compulsory system?
- Structure and design of superannuation including defined benefit and defined contribution; types of fund including industry, retail, government funds and self-managed superannuation funds; tensions between choice and defaults.
- 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.
- 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 superannuation reforms including the objective of superannuation, the Retirement Income Covenant and the National Housing Accord.
- Key policy questions for superannuation including adequacy of retirement incomes; gender equity and equity for First Nations peoples; home ownership; transparency, investment ‘activism’, and the role of superannuation in the economy.
Intended learning outcomes
A student who has successfully completed this should be able to:
- Examine and explain the history, development, and key policy issues of Australia's superannuation system.
- Interrogate and analyse the main tax policy and law for superannuation contributions, earnings and benefits.
- Critically analyse the key policy issues for superannuation and its interactions with housing, Age Pension policy and employment and labour relations, including key policy questions for the future.
- Advise on types of superannuation saving, fund and consumer approaches with a focus on the regulation of large, APRA-regulated funds.
Generic skills
- Be able to carry out research on policy, legislative, regulatory advice and case sources research, analysis and writing skills on superannuation
- Communication skills in writing about history, legal development and key policy issues
- Communication skills in advising on the law and regulation for superannuation in hypothetical case studies
- The ability to explain complex issues and to discuss and debate legal and policy questions orally in group contexts
Last updated: 8 November 2024