The Federal Government has announced it will provide $10 million over three years fro the formation of a new Superannuation Consumer Centre.

 

Federal Minister for Superannuation, Bill Shorten, said the need to fund a “bricks and mortar” centre arose from the substantial increase in the volume of funds that will be handled by the nation’s superannuation funds after the increase in contribution from 9 to 12 per cent.

 

The Federal Government said the funds will be provided as a contribution to an investment funds, the earnings of which will be used to fund the on-going costs of a non-profit organisation that will focus on superannuation policy research and advocacy.

 

The Centre forms part of the Government's response to the Super System Review, that it would consider how to promote a more member-driven approach within superannuation.

 

The Government will invite expressions of interest from the private sector.