The Australian Treasury (Treasury) has asked the Australian Government Actuary (AGA), in consultation with an Actuarial Technical Expert Group (ATEG), to develop a potential actuarial test for certifying a product that meets the minimum requirements of a Comprehensive Income Product for Retirement (CIPR), as outlined in the Government’s discussion paper on CIPRs released on 15 December 2016. The ATEG was specifically consulted on technical aspects of the certification test and not on broader policy objectives or the suggested minimum requirements. The test is related to consideration of third-party certification as a possible model for regulatory oversight or authorisation of a CIPR.
The views expressed in this paper do not necessarily reflect the views of the Australian Government. The paper is intended to inform public discussion. Feedback on the proposed test can be provided to firstname.lastname@example.org or along with submissions on the Government’s discussion paper.