The government is taking the next step in reforming and improving the retirement phase of superannuation to help deliver a more dignified retirement for more Australians.
Today we are releasing 2 consultation papers on 2 key planks of our retirement phase reforms to help ensure Australians have the choice, guidance and products they need to make the most of retirement.
These reforms are all about ensuring there is as much of a policy and product focus on the retirement phase as there is on the accumulation phase.
As our economy changes, population ages and the super system evolves, more and more Australians will draw down on bigger pools of savings that they will rely on for longer. We are living longer and healthier lives and more than 2.5 million Australians are expected to retire within the next decade.
We are now seeking views from the superannuation sector, workers, retirees and the broader community on the following:
- The best practice principles for superannuation retirement income solutions (the principles). The principles will guide the superannuation industry in designing modern, high quality retirement products that help deliver income in retirement.
- The retirement reporting framework (the framework). A new reporting framework on retirement outcomes that will offer members greater transparency and create common understanding for success in the retirement phase. The Australian Prudential Regulation Authority (APRA) will collect and publish the data required by the framework.
The principles and framework build on the obligations introduced by the Retirement Income Covenant and work in tandem with the government's Delivering Better Financial Outcomes package.
Submissions for the principles can be made online.
Submissions for the framework can be made online.
