Comprehensive Income Products for Retirement (CIPRs)

Comprehensive Income Product for Retirement (CIPR): a retirement income product pre-selected by the trustee, which balances competing objectives in retirement – maximising income, longevity risk management and access to some capital.

Comprehensive Income Product for Retirement (CIPR) timeline:

  • December 2014 – FSI recommends CIPR
  • October 2015 – Government responds to FSI, accepts CIPR recommendation
  • December 2016 – Government releases CIPR discussion paper, renames as MyRetirement
  • February 2018 – Government establishes CIPR consumer and industry advisory group
  • May 2018 – CIPR included in Budget, Government announces Retirement Covenant
  • May 2018 – Government releases Retirement Income Covenant Position Paper

CIPR framework “neither necessary nor sufficient”

The Government’s proposed Comprehensive Income Products for Retirement (CIPR), also known as MyRetirement, framework has come under sharp criticism from the superannuation industry. The Government has been slowly progressing the CIPR/MyRetirement framework, which follows from a recommendation in the Financial System Inquiry final report (released in late 2014), most recently… Read More »CIPR framework “neither necessary nor sufficient”

MyRetirement could lead to proliferation of unsustainable products

The Actuaries Institute, while supporting the MyRetirement framework, has warned that a ‘one size fits all’ approach could lead to the proliferation of unsustainable retirement products. Treasury is consulting on the introduction of Comprehensive Income Products for Retirement (CIPRs), which was the term used when they were recommended by the… Read More »MyRetirement could lead to proliferation of unsustainable products

Government releases “innovative” draft rules for superannuation pensions

The Government has released “innovative” draft new rules for superannuation pensions. Minister for Revenue and Financial Services, Kelly O’Dwyer, has released the draft superannuation income stream regulations, Treasury Laws Amendment (Innovative Superannuation Income Streams) Regulations 2017, for public consultation. Minister O’Dwyer, said the regulations, when made, will “continue the implementation… Read More »Government releases “innovative” draft rules for superannuation pensions

MyRetirement products (CIPR) discussion paper released

The Government has released a discussion paper on the introduction of Comprehensive Income Products for Retirement (CIPRs), or MyRetirement products – which is the Government’s favoured term. “The Turnbull Government has today released a discussion paper exploring key policy issues to facilitate further development of a framework for the retirement phase… Read More »MyRetirement products (CIPR) discussion paper released