Coronavirus (COVID-19) updates from the Australian Government

Retirement Income Covenant - September 2021

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Exposure Draft Legislation

Key Documents

The Government is seeking stakeholder views on exposure draft legislation that will introduce a retirement income covenant for superannuation trustees. The retirement income covenant will support retirees to have the confidence to spend their hard-earned savings, while enabling choice and competition in the retirement phase of superannuation.

The draft legislation would codify the obligation for superannuation trustees to have a retirement income strategy that outlines how they plan to assist their members in retirement. The strategy must consider how the trustee will assist their members to balance maximising their retirement income, managing risks, and have some flexible access to savings.

This exposure draft reflects the feedback received following the release of the retirement income covenant position paper earlier this year.

Subject to the passage of legislation, the retirement income covenant will take effect from 1 July 2022.

Submissions

32 submissions were received for this consultation, including 1 confidential submission.

Actuaries Institute - pdf 59.25 KB
ASFA - pdf 318.82 KB
Aware Super - pdf 158.48 KB
CBUS - pdf 263.66 KB
Challenger - pdf 252.09 KB
Colonial First State - pdf 142.95 KB
Conexus Institute - pdf 272.87 KB
COTA - pdf 150.7 KB
Grenfell, Colin - pdf 82.14 KB
HESTA - pdf 73.98 KB
Industry Super Australia - pdf 161.22 KB
Iskra, Loretta - pdf 283.62 KB
Law Council of Australia - pdf 370.11 KB
Mercer - pdf 145.43 KB
Optimum Pensions - pdf 253.63 KB
SMSF Association - pdf 129.04 KB
TAL - pdf 767.05 KB
Tattersall, Merrilyn - pdf 46.05 KB
Warren, Geoff - pdf 351 KB