Governance, structure and operations of the Alliance for a Fairer Retirement System
The Alliance for a Fairer Retirement System is an informal collaboration of various associations that share a mutual interest in promoting reforms to Australia’s retirement system to achieve a fairer system for all. The Alliance was formed in response to Labor’s proposal to disallow refunds of excess franking credits for a range of retirees and shareholders as this proposal would unfairly impact on millions of Australians and their families and reduce incentives for many current and potential self-funded retirees to achieve greater financial independence.
There is no requirement for members of the Alliance to make financial contributions at this stage. Activating existing networks of Alliance members is regarded as more urgent than developing a shared funding model. To date, some Alliance members have invested in research, website development, business name registration and other related activities to support the initial formation of the Alliance.
In future, if any material expenditure is proposed by the Alliance for particular activities, members will be encouraged to contribute on an equitable basis but no obligation to contribute is anticipated. Such activities could include conducting research, running events to promote the Alliance’s objectives and educational campaigns. No such activities have yet been planned, although a low cost event is being considered in August or September.
Decision making is intended to be conducted on a consensus basis. Where consensus isn’t possible, a subset of Alliance members could pursue activities under their own auspices if they so wished.
Some Alliance members have drafted letters for their members to send to their local representatives and have undertaken other activities to increase awareness about the proposed changes to refunds of excess franking credits.
Membership of the Alliance is limited at this stage to national associations until we have a clear pathway forward. The proposed criteria for Alliance membership include:
National associations preferred, plus selected regional associations which would add value to the Alliance
Willingness to share information, contacts and to collaborate
Consensus of existing Alliance members
In addition to Alliance members, it is envisaged that other groups could collaborate with the Alliance as supporters and individuals could join the Alliance mailing list of “friends of the Alliance” or as volunteers.