The Government invites feedback on this retirement income covenant position paper.
The proposed retirement income covenant outlines a pathway to further develop the retirement phase of superannuation. The covenant will place a key obligation on trustees to formulate, review regularly and give effect to a retirement income strategy outlining how they plan to assist their members to balance key retirement income objectives.
The Government welcomes feedback and comments on this position paper. Any comments received will feed into the development of legislation to give effect to the retirement income covenant. Subject to the passage of legislation, trustees will be required to have in place a retirement income strategy as outlined in this position paper from 1 July 2022.
All superannuation industry stakeholders, along with other interested parties are encouraged to provide input on the position paper by 6 August 2021.