The Federal Government has used the Budget papers to reinforce its intention to impose a “retirement covenant” on superannuation funds.
The Budget papers confirmed the Government’s intention to amend the Superannuation Industry (Supervision) Act 1993 (SIS Act) “to introduce a retirement covenant that will require superannuation trustees to formulate a retirement income strategy for superannuation fund members”.
The Budget papers said the Government would also amend the Corporations Act 2001 to introduce a requirement for providers of retirement income products to report simplified, standardised metrics in product disclosure to assist customer decision making.
The Budget announcement comes amid industry concerns that a one size fits all approach will not be appropriate with respect to the development of Comprehensive Income Products in Retirement (CIPRs).
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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