The Australian Institute of Superannuation Trustees (AIST) and Mercer are collaborating to develop an industry first “super tracker” that will set the benchmark for evaluating the Australian superannuation system.
The AIST-Mercer Super Tracker will provide an objective method for measuring the costs and benefits of the superannuation system, including the ability to see how potential changes will affect this system.
AIST CEO Tom Garcia said that will include the ability to track the super gender gap, overall adequacy of super, as well as the fairness of Government support for the super system across various income levels.
“The Tracker will be an important tool for the industry to ensure that transparency and fairness underpin the Australian super system,” said Mr Garcia, “Ultimately we want to make sure the system is working in the best interests for members.”
Mr Garcia also said that the Tracker will allow for more evidence based decision-making and allow stakeholders to see the effect that policy changes may have on the overall costs of the superannuation system to Government.
“It is extremely important that any Government decisions which will affect superannuation are evidence based, and the AIST-Mercer Super Tracker will help with providing this evidence,” said Mr Garcia.
“AIST is very pleased to have selected Mercer to produce a method for helping bring greater certainty to the Australian superannuation system.”
Mercer Senior Partner and Senior Actuary Dr David Knox said that recent inquiries into superannuation reiterate the need for evidence based evaluation.
“We’ve had the Financial System Inquiry Final Report, now we’re waiting for the review of the Tax System – it’s a crucial time to be making evidence-based decisions and the AIST-Mercer Super Tracker will facilitate this,” said Dr Knox.
“This is an important start to tracking the costs and benefits of the Australian superannuation system and we will be encouraging feedback from the community,” said Dr Knox.
About The Australian Institute of Superannuation Trustees
AIST is the peak body industry body for the $600 billion not-for-profit super sector which includes industry, corporate and public sector funds.
Mercer is a global leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s 20,000 employees are based in 43 countries and the firm operates in over 140 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 55,000 employees worldwide and annual revenue exceeding $12 billion, Marsh & McLennan Companies is also the parent company of Marsh, a global leader in insurance broking and risk management; Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a global leader in management consulting. Follow Mercer on Twitter @MercerAU @MercerInsights