The retirement phase of the superannuation system is currently under-developed and needs to be better aligned with the underlying objective of the system to provide income in retirement as a substitute or supplement to the Age Pension. To support this objective, the Government is developing a retirement income framework to support consumers to maintain an appropriate standard of living and balance the competing objectives of high income, flexibility and risk management.
Building on the release of the Retirement Income Covenant position paper in May 2018, Government is seeking views on the disclosure fact sheet for retirement income products. This consultation paper proposes a standardised, simplified document that outlines key metrics and features to help consumers compare different retirement income products.
The Australian Government Actuary is also seeking views on the retirement income risk measure and the method of calculation outlined in the technical paper. Responses and queries regarding the technical paper should be forwarded to firstname.lastname@example.org
This consultation seeks views on:
- The appropriateness of the proposed metrics in providing information for consumers to make select a retirement income product
- The method of calculating risk to retirement income.
- The presentation of the metrics for the fact sheet