Retirement income products
Comprehensive Income Products in Retirement (CIPRs)
The FPA provided a submission to Treasury in response to its consultation paper on the development of a framework for Comprehensive Income Products in Retirement (CIPRs). Our key recommendations were for Government to ensure:
- the superannuation, tax and social security laws were flexible to permit appropriate product development,
- consumer education was paramount, and
- encouraging member engagement and advice in the lead up to and during retirement.
The FPA has opposed the Government’s proposed CIPRs framework as it recommends allowing trustees to use ‘nudge marketing’ to encourage members to sign up to MyRetirement products, undermining the value of advice and the consumer protections in the Corporations Act.
Government Factsheet – Developing a framework for the retirement phase of superannuation
CIPRs Advisory Group
In February 2018, the Government has established a consumer and industry advisory group to assist in the next phase of development for a framework for CIPRs.
The advisory group is to provide feedback and advice to Treasury on the options and scope of changes to the Superannuation Industry (Supervision) Act to require superannuation trustees to design and offer appropriate retirement income solutions to their members.
Read the Minister’s release
We are always keen to hear your valuable feedback and suggestions. Please let us know if there are any policy issues or concerns that affect you.