Retirement Income Framework

Government consults on new retirement income disclosure fact sheet

The Government is consulting on a retirement income disclosure fact sheet – a simplified document with key figures and metrics to help consumers compare products.

“These fact sheets will cut through to the key features that matter when making retirement income decisions,” said Assistant Treasurer Stuart Robert.

“Currently, when people approach retirement they are confronted with complex legal and financial information and long and complex documents. Typically, these documents do not provide clear information on the expected level, variability and duration or retirement income,” he said.Read More »Government consults on new retirement income disclosure fact sheet

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