Comprehensive Income Product for Retirement (CIPR) delayed 2 years

The Government has announced the start date for Comprehensive Income Product for Retirement (CIPR) will be pushed back two years, to July 2022. CIPR was originally a recommendation of the Financial System Inquiry (FSI), and the Government has slowly been progressing the policy. A July 2022 start date would mean it was around 7.5 years… Continue reading Comprehensive Income Product for Retirement (CIPR) delayed 2 years

SMSFs to be required to have Retirement Income Strategy

SMSFs would be required to develop a Retirement Income Strategy under changes to superannuation being developed by the Government. The Government has released a position paper on the Retirement Income Covenant, which would require super funds – including SMSFs – to develop a Retirement Income Strategy for members. “For too long superannuation has been focused… Continue reading SMSFs to be required to have Retirement Income Strategy

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 with the establishment of an… Continue reading 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 Financial System Inquiry, also known… Continue reading 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 of the Government’s superannuation taxation… Continue reading 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 of the superannuation system,” said… Continue reading MyRetirement products (CIPR) discussion paper released