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Retirement Income Covenant Position Paper

This consultation process has now been completed. Submissions available

Key Documents

The retirement phase of the superannuation system is currently under-developed and needs to be better aligned with the overall objective of the superannuation system of providing income in retirement to substitute or supplement the Age Pension. The Government is addressing this through the development of a retirement income framework.

The first stage in this framework is the introduction of a retirement income covenant in the Superannuation Industry (Supervision) Act 1993, which will require trustees to develop a retirement income strategy for their members. The covenant will codify the requirements and obligations for superannuation trustees to consider the retirement income needs of their members, expanding individuals’ choice of retirement income products and improving standards of living in retirement.

This position paper outlines the principles the Government proposes to implement in the covenant and supporting regulatory structures.


56 submissions were received for this consultation.

Actuaries Institute - pdf 105.29 KB
Allianz Retire+ - docx 524.68 KB
AMP - pdf 136.18 KB
Australian Super - pdf 2.45 MB
Cbus - pdf 536.27 KB
Challenger - pdf 1.16 MB
Clearview - pdf 1.87 MB
Colonial First State - pdf 55.61 KB
Dimensional - pdf 739.93 KB
First State Super - pdf 492.02 KB
Hart, Michael - docx 33.39 KB
HESTA - pdf 451.69 KB
IFAA - docx 1.21 MB
Income is the Goal - docx 120.11 KB
IOOF - docx 215.24 KB
JANA - docx 1022.36 KB
Jocelyn, Bill - pdf 16.56 KB
Just Group - pdf 177.86 KB
KPMG - pdf 570.95 KB
Law Council - pdf 226.96 KB
Lewis, Max - docx 30.19 KB
Macquarie Group - pdf 73.19 KB
McCafferty, Danny - docx 15.04 KB
Mercer - docx 81.43 KB
Mine Super - pdf 1.05 MB
Mutual Pensions - pdf 435.18 KB
Natale, Danny - docx 14.37 KB
Nicholls, Graham - docx 28.32 KB
Optimum Pensions - rtf 11.01 MB
REST - pdf 51.13 KB
RGA Australia - pdf 393.07 KB
RiceWarner - pdf 781.55 KB
Seton, Michael - doc 70.5 KB
SMSF Association - pdf 354.93 KB
SuperEd - pdf 580.58 KB
SuperRatings - docx 8.8 MB
TAL Life Ltd - pdf 94.37 KB
UniSuper - pdf 290.08 KB
Wealth and Income 4U - pdf 239.15 KB
Williams, Franklyn - docx 12.78 KB
Wilson, Paul - docx 15.34 KB