Fund Regulatory Update

Government seeks feedback on retirement income covenant position paper

The Government has a proposed retirement income covenant outlining steps to further develop the retirement phase of superannuation. Trustees will need to formulate, regularly review and give effect to a retirement income strategy so members can ‘balance key retirement income objectives’.

Feedback and comments are being sought to help the development of legislation. Once legislation is passed, trustees must have a retirement income strategy as outlined in the position paper by 1 July 2022. Submissions close on 6 August 2021 either electronically or by post. View the submission guidelines for further information.