“Australia’s successful superannuation system has come to be seen as the cornerstone of retirement income. To provide the best outcomes for Australians, we need to build a better understanding of the interface between super, the pension, and private savings, and what that means for Australians in retirement,” Delahunty said.

Delahunty said a strategy needs to be government-led by convening a range of stakeholders from government and non-government organisations representing the pillars of retirement, all Australians, and relevant sector bodies within superannuation and broader employer and employee organisations.

“The purpose would be to build a comprehensive framework to unify and guide the nation’s approach to retirement income and, over time, build a greater understanding of the roles and purpose of the pillars of retirement income.”

“National strategic plans are comprehensive documents developed by governments to outline the vision, long-term goals and priorities for addressing critical issues affecting our nation. The time is right to bring this type of planning to our retirement income system.”

She added that as the nation’s demographics change, with a shift to more people living longer in retirement, and a reduced working-age population, the creation of a national retirement income blueprint will provide a clear standard of dignity in retirement and a pathway to achieve this for more Australians.

It would also offer a framework for the development of policy that connects the three retirement income pillars, an appreciation for the role that superannuation plays as the only universal pillar, and clarity on how this interaction is reflected in the retirement income covenants.

“We believe this strategy should also encourage coordination with major areas of social policy, ensuring alignment with healthcare, aged care and housing policies, and recognising their impact on the adequacy of retirement incomes,” Delahunty said.