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ARTICLE · 11 AUGUST 2023

Regulators crack down on super fund retirement strategies

Holding Redlich
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A joint report by APRA and APRA reminded super funds and trustees to focus on improving retirement outcomes for members.

AustraliaFinance and Banking
Luke Hooper
Luke Hooper
Georgia Bradley
Georgia Bradley
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Last month, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA) released a joint report (Report) reminding super funds that the time is now to focus on retirement strategies and consider how to best assist retirees in accessing and using the benefits available to them to make the most out of their retirement.

The Report reviewed the implementation of the Retirement Income Covenant (RIC) by 15 trustees responsible for 16 different super funds. Overall, the Report found that trustees had made insufficient progress and lacked urgency in improving retirement outcomes for members. On this particular point, we wish to note that the RIC commenced in 2022 and there was barely enough time for the Regulators to blow the candle out on the cake, before this Report was published. However, there is a reality that the RIC is law, it is also a superannuation trustee covenant, and the regulators have shown their

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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