Australia’s $1.1 trillion superannuation industry is waiting with interest to see what shape the Federal Government review of the superannuation system will take.

Superannuation and Corporate Law Minister Nick Sherry announced the review by releasing a “communiqué of principles”, co-signed by eight peak superannuation industry bodies.

He says the terms of reference and details of the structure of the review will be released “shortly”.

The communiqué says that after 20 years of compulsory superannuation and the development of numerous new features, often developed without systemic analysis, it is timely to ensure the system keeps working efficiently and sustainably.

AMP spokesman Jane Anderson told insuranceNEWS.com.au it’s too early to comment on the review.

“We can see some areas for improvement and we look forward to contributing,” she said.