Minister for Revenue and Financial Services Kelly O’Dwyer has released draft legislation for new superannuation income stream regulations for public consultation.
The proposed regulations are part of the government’s superannuation taxation reforms.
They introduce a new set of design rules for lifetime superannuation income stream products that will enable retirees to better manage consumption and longevity risk in retirement, Ms O’Dwyer has said.
“These new rules will remove taxation barriers to the development of new products that will provide greater flexibility in the design of income stream products to give more choice to consumers, while ensuring income is provided throughout retirement,” she said.
“The development of these new products is a precursor to the development of Comprehensive Income Stream Products for Retirement, or CIPRs.
“I encourage all interested stakeholders to provide their views so that we can give effect to these important reforms as effectively as possible.”
The regulations are intended to cover a range of innovative income stream products including deferred products, investment-linked pensions and annuities and group self-annuitised products, Ms O’Dwyer said.
The deadline to make submission is 12 April 2017.
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