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).
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
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