Minister for Revenue and Financial Services Kelly O’Dwyer formed an industry advisory group to guide the development of a framework for comprehensive income products for retirement.
In a statement, Ms O’Dwyer said the group will “provide feedback and advice to Treasury on possible options and scope of a retirement covenant in the Superannuation Industry Supervision Act 1993” and its members have “substantial expertise and experience” in this area.
The development of comprehensive income products for retirement (CIPRs) was one of the suggestions made by the Murray inquiry as a way to improve retirees' standard of living.
The group includes newly appointed SMSF Association chair Deborah Ralston, Dixon Advisory managing director and head of financial advisory Nerida Cole, Willis Towers Watson head of retirement solutions Nick Callil, Challenger chair of retirement income Jeremy Cooper, and Class director Nicolette Rubinsztein.
The statement also named Sally Evans, David Knox, Ruth Stringer and Ian Yates as members of the board.
“The group's feedback and advice will help to ensure that Australia's $2.5 trillion superannuation system delivers on its promise of providing Australians with an income in retirement,” the statement said.
“Following advice from the group, the government will undertake broader consultation with all stakeholders on the detail of its proposed approach.”
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Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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