It's time to determine whether the superannuation system will succeed or fail as a savings vehicle for Australia's future, says the country's biggest financial lobby group.
The Financial Services Council will co-develop and push for a national retirement outcomes policy in the coming months to determine whether the current superannuation system is the right path ahead for Australia.
The policy will integrate the design of the superannuation system with government policy on ageing, welfare, health and tax, CEO John Brogden told the National Press Club on Wednesday.
"We must embrace the opportunity and lead the debate on taking superannuation from a world-class accumulation system to the world's best retirement system," he said.
"The alternative is a rolling, piecemeal and constant set of changes to a system, that undermine confidence and stability."
The policy will look into issues surrounding tax concessions, access to lump sum payments, aged pension, life expectancy, asset test levels, life insurance, reducing the burden of welfare payments, and aged care costs.
While Mr Brogden remains disappointed with the government's decision to delay boosting compulsory superannuation to 12 per cent, the policy will look into whether that figure can cater for life expectancies moving into the 90s, and perhaps beyond 100.
"Do we move to 15 per cent? If so, does the additional three per cent pre-fund our health and aged care costs?"
Mr Brogden's comments come a day after former treasurer and current Future Fund chairman Peter Costello accused some of the superannuation industry's spokesmen of acting like self-interested spoilt brats.
Mr Costello said millions of Australians who gave the super industry 9.5 per cent of their salaries were not impressed with the sector.
However Mr Brogden said his councils' research showed 80 per cent of Australians supported superannuation.
"I want to manage Peter's ego carefully, I didn't hear his speech - I hope he can make it through the afternoon having learnt that news," he said.
"But (80 per cent) is a phenomenal reflection of the level of goodwill and support for the superannuation system."
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