In this guide
- Retirement Income Covenant goes live
- Super fund average performance drops for only the fifth time in 30 years
- Deeming rates frozen for a further two years
- YFYS performance test to be reviewed
- SMSF numbers continue to increase
- ASIC acts against another 8 SMSF auditors
- ASIC commences civil penalty proceedings against Mercer Financial Advice
Retirement Income Covenant goes live
The Retirement Income Covenant, which forms part of the Corporate Collective Investment Vehicle Framework And Other Measures Bill 2021, went live on 1 July 2022 with super funds required to publish a version of their retirement income strategies for members on their website on that date.
“With an estimated 3.6 million Australians transitioning to retirement in the next decade, an entire generation of Australians are thinking about how their superannuation can help them live the next stage of their life with confidence and certainty,” the Financial Services Council chief executive officer Blake Briggs said.
“Superannuation funds are leading the charge by implementing a strategy for their members that best balances every retiree’s trilemma: maximising retirement income, with flexibility in how it is accessed, and managing the associated risks.”
