Coronavirus (COVID-19) updates from the Australian Government

Retirement Income Disclosure Consultation Paper

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Consultation Paper

Key Documents

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 aga@aga.gov.au 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

Submissions

29 submissions were received for this consultation, including 2 confidential submissions.

Australian Super - pdf 397.01 KB
Bell, David - pdf 234.09 KB
Challenger - pdf 356.74 KB
Dimensional - pdf 2.27 MB
First State Super - pdf 206.69 KB
Hannover re - pdf 663.4 KB
Hart, Michael - pdf 203.96 KB
Hemmings, Georgina - pdf 226.71 KB
Industry Super - pdf 397.91 KB
KPMG - pdf 564.42 KB
Law Council of Australia - pdf 201.45 KB
Mercer - pdf 1.17 MB
Mutual Pensions - pdf 531.89 KB
Optimum - pdf 1.56 MB
QSuper - pdf 373.53 KB
Saliba, Anthony - pdf 229.79 KB
SCOA Australia - pdf 110.71 KB
Smooth Retirement - pdf 1.19 MB
Super Ratings - pdf 2.6 MB
TAL Life Limited - pdf 185.87 KB
Unisuper - pdf 739.26 KB