Given the draft retirement income covenant legislation is principles based, superannuation fund trustees will have considerable flexibility to develop a retirement income strategy appropriate for their members.
Consultation on the legislation has closed and, subject to its passage, it will take effect on 1 July 2022. In this Super Update, we look at what factors trustees must consider and how the strategy can help members achieve and balance a range of objectives to maximise retirement income, manage a range of risks and offer flexible access to funds.
A challenge for them will be in compiling data to support any specified cohorts while remaining within the constraints of the financial advice laws.
Also in this issue, we address proposed changes to financial reporting and auditing requirements that that will largely extend the existing financial reporting and auditing requirements for public companies in the Corporations Act to superannuation funds.
As usual, we provide a legislative update, our news in brief covers the latest APRA superannuation statistical publications and we include our handy timeline for key changes.
| Title | File Type | File Size |
|---|---|---|
| Super Update: Retirement income covenant provides trustees flexibility | .2 MB |
