The bill aims to enshrine the objective of super as being “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.

Tim Miller, head of technical for Smarter SMSF, said legislating the objective of super is a motivating piece of legislation that the industry “has been hanging our hats on for the good part of eight years”.

Dunn said the SMSF sector already has accountability through the Superannuation Industry (Supervision) Act (SIS Act) and said the bill is “one of those nuisance pieces of legislation”.

He said he had intrinsically linked the objective of super with the proposed Division 296 measures, but it seems that there now appears to be a “disconnect” between the two pieces of legislation and the government seems to be applying less importance to the objective of super.

“The reason for introducing the objective of super seems to be lost in translation as we’ve progressed forward, in particular, with that $3 million tax,” he said.

“There have certainly been some differences between the opposition and the government with regard to their super policy, but I think from an industry perspective, we want to see where our industry is meant to be heading and what the purpose of super or what the government of the day deemed the appropriate policies for superannuation are going to be. Having some form of objective clearly is beneficial.”

Earlier this week, industry associations were gearing up to celebrate the bill being passed.

Mary Delahunty, CEO of the Association of Superannuation Funds Australia, said the law would “codify what Australians have come to love about superannuation over the last 30 years – that it is their nest egg designed to assist them in achieve a dignified retirement”.

She said it requires members of Parliament who consider changes to superannuation to provide a statement of compatibility that explains how the changes uphold the legislated objective.

Delahunty also emphasised the importance of a shared understanding of what super is for and a process.

“The objective embeds the principle of preservation – ensuring that the retirement savings of Australians are protected from the whims of ideology and providing certainty to people who have worked so hard to set money aside,” she said.

“The objective also emphasises the importance of equity and the need to ensure that all Australians – particularly lower-income earners can experience a dignified retirement.”

The Super Members Council (SMC) urged all senators to swiftly pass the landmark bill, stating it would be “a guiding light for future policy development in superannuation and deliver certainty and predictability for all Australians who rely on super for a better quality of life in retirement”.

SMC CEO Misha Schubert said the objective’s wording reflects the views of everyday Australians.

“Ask everyday Australians what super is for, and they’ll tell you it’s their money for retirement,” Schubert said.

“The ‘Objective of Super’ legislation reflects that clear and compelling purpose in ironclad law. It will be a guiding light for all future super policy development.”