Australian Guardians has developed a number of policy initiatives to:

(a) Improve the security of your compulsory superannuation contributions, and

(b) Improve the financial returns on your compulsory superannuation contributions.

Improved Security

Policy Initiative S(1): Make the registration of the Deeds that govern the administration of employee benefit funds and public offer superannuation funds compulsory. This will prevent the practice of destroying earlier Deeds that provided higher benefits with fabricated Deeds that provide for much lower benefits. South Australia lead the world by introducing the Torrens Title land registration system to prevent real estate fraud. South Australia can again lead Australia and the world by making the registration of the Deeds of superannuation funds compulsory with the General Registry Office pursuant to the Registration of Deeds Act 1935.

Policy Initiative S(2): Improve the “independence” of independent Auditors by making audit partner rotation mandatory every three years and making audit firm rotation mandatory every six years.

Policy Initiative S(3): Increase the criminal sanctions available for Australian Public Servants who abuse their position of power in relation to the supervision and regulation of Government Regulated Superannuation Funds. There will soon be $1 Trillion held by the Trustees of Government Regulated Superannuation Funds and criminal sanctions should reflect the seriousness of undermining public confidence in Australia’s Compulsory Superannuation System.

Policy Initiate S(4): Require the Chairman and Members (Commissioners) of the financial regulators ASIC and APRA to publicly disclose their direct and indirect pecuniary interests (the dollar amounts can be redacted). Members of the Public have the right to be afforded natural justice (procedural fairness) when dealing with these agencies and large amounts of money are usually involved. These members have a right to be heard by an unbiased decision maker who has enormous “discretionary” powers placed in their hands by the Parliament of Australia. Public Servants are meant to serve the Public and not themselves so any Senior Public Servant who objected to the public disclosure of their pecuniary interests should find a job elsewhere.

Policy Initiate S(5): Require the role of Chairman and CEO to be separated at both ASIC and APRA. The incumbent Chairman should become the CEO reporting to a Board of his Peers with financial and legal knowledge at least equal to that of the CEO. The  Governance structure at both agencies is totally flawed with an all powerful “Chairman” reporting to a Responsible Minister who may have little or no legal or financial knowledge. Such a Minister is then subject to the “appeal to authority” strategy and can be easily bluffed by a Chairman who might seek to abuse his or her position of public power.

Policy Initiate S(6): Improved transparency of Financial Information. AustralianSuper is a $43 Billion Fund. $144 Million is transferred from the Members’ Fund to the Trustee as a “service fee” but no information is provided as to whether the $144 Million is related to expenses “properly” incurred in the administration of the Fund on behalf of the Members. Australian Guardians will seek for full disclosure of all such payments to the Trustees of Government Regulated Superannuation Funds.

Improved Returns

Policy Initiative R(1): Introduce a “Choice of Investments” in addition to the “Choice of Funds“. Australian Guardians is seeking the support of one of the major parties to refine and implement the “Choice of Investments” policy.

The Commonwealth Department of Human Services has revealed that 6500 home owners were forced too seek early release of monies from their superannuation funds in order to avoid foreclosure on their homes. $99.38 million (up 25% on the previous year) was released with the approval of the Department.

Members of Government Regulated Superannuation Funds should be allowed to divert some of their compulsory superannuation contributions into building up equity in their own home over a limited period of say 10 years. This would allow the average mortgage to be paid off in half the time, freeing up funds for additional superannuation contributions once the mortgage had been paid off.

New Policy Initiatives

If you believe that you have a Policy Initiative that would improve the security and/or investment returns for 12 million Members of Government Regulated Superannuation Funds then Email ausguardian@gmail.com or leave a message below.

Australian Guardians – Protecting your wealth when no one else will®

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