Government open consultation for Retirement Income Covenant
By
Neil Griffiths
The federal government has released a position paper on the Retirement Income Covenant.
Now open for public consultation, the government claims the covenant is an important step in the development of the retirement phase of superannuation.
“The covenant will codify the requirements and obligations for superannuation trustees to improve retirement outcomes for individuals, while enabling choice and competition in the retirement phase,” a statement released on Monday read.
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“In doing so, the covenant will address a key finding of the Retirement Income Review, which highlighted the opportunity to increase retirees’ standards of living by improving their use of superannuation assets in retirement.”