ASIC Annual Forum 2023: Retirement Income Covenant: One Year On

KEY POINTS

• This article follows a session on the impact of the retirement income covenant on the superannuation industry at the 2023 ASIC Annual Forum in Melbourne.
• The covenant requires trustees to develop a retirement income strategy to improve long-term outcomes for members in or approaching retirement.
• Protecting consumers as they plan and make decisions for retirement is a strategic priority for ASIC. However, a year after the introduction of the covenant, ASIC and the Australian Prudential Regulation Authority (APRA) conducted a joint review which found that more progress was needed to implement it.

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