Minister for Revenue and Financial Services, Ms Kelly O'Dwyer, has announced the establishment of a consumer and industry advisory group to assist in the next phase of development for a framework for Comprehensive Income Products for Retirement.
The group's feedback and advice will help to ensure that Australia's A$2.5 trillion (US$1.96 trillion) superannuation system delivers on its promise of providing Australians with an income in retirement.
The central task of the reference group is to provide feedback and advice to the Treasury on possible options and scope of a retirement covenant in the Superannuation Industry Supervision Act. This would require superannuation trustees to design and offer appropriate retirement income solutions to their members.
The members of the advisory group bring together substantial expertise and experience from across the consumer and superannuation sector, including in asset management, aged care, consumer protection, product development and compliance, academia, and law.
Following advice from the group, the government will undertake broader consultation with all stakeholders on the detail of its proposed approach. The reference group will include nine experts representing consumers and industry.