2014 Heads Of Government Agreement On Superannuation

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This Heads of Government Agreement from 2014 establishes the framework for exempting certain state and territory public sector superannuation schemes from the Superannuation Industry (Supervision) Act 1993 and the Superannuation (Resolution of Complaints) Act 1993. The Commonwealth and State/Territory governments agreed that while national standards should apply to member protections and tax outcomes across public and private sectors, public sector schemes warrant exemption due to their complex structures and existing robust state-based prudential controls, including legislated benefits, mandatory auditing, actuarial valuations, Crown-appointed trustees, parliamentary reporting, and appeal rights through bodies like ombudsmen. The agreement permits states and territories to opt into exemptions while allowing their scheme members to access the Superannuation Complaints Tribunal as an alternative to existing appeal mechanisms. Exempt schemes retain complying superannuation scheme status for superannuation guarantee and tax purposes under the Income Tax