Retirement income products


The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 inserted a Retirement Income Covenant into the SIS Act.  

The Covenant requires registrable superannuation funds to develop a retirement income strategy that outlines their plan to assist members who are retired or are approaching retirement to achieve and balance the following three objectives: 

  1. maximising their expected retirement income; 
  1. managing expected risks to the sustainability and stability of their expected retirement income; and 
  1. having flexible access to expected funds during retirement. 

Trustees will need to evaluate the products they offer to their members and investigate whether their product offerings can be improved to better meet the needs of their members. 

The retirement income strategy will complement trustees’ existing investment, risk management and insurance strategies, as required under the law. 

The intent of the Covenant is to ensure funds: 

The Covenant does not apply to SMSFs. 

Any questions? 

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