Australia’s $3 trillion superannuation system is the fourth largest in the world and is responsible for managing the retirement savings of 16 million Australians.

Superannuation will help many Australians to enjoy a higher standard of living in retirement. But structural flaws within the system mean many Australians will be let down. Right now, Australian households pay $30 billion per year in superannuation fees (excluding insurance premiums). This is more than the $27 billion Australian households pay on their energy bills or the $12 billion they spend on water bills.

This document outlines options to make the superannuation system better for members in four key ways:

• Your superannuation follows you, prevent the creation of unintended multiple superannuation accounts.
• Empowering members, by making it easier for you to choose a well-performing product that meets your needs.
• Holding funds to account for underperformance, protecting you from poor outcomes and encouraging funds to lower costs and fees to boost Australians’ retirement incomes.
• Increasing transparency and accountability for how superannuation funds use members’ savings.