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Time is now for Retirement Income Covenant

It was now set to come into force  on 1 July 2022 to allow for continued consultation and legislative drafting to take place in light of delays caused by the COVID-19 pandemic.  Discussing the covenant, Sally Evans, director at Allianz Retire Plus, said: “The covenant is essential because our industry is so heavily weighted to the accumulation phase of retirement. A covenant will help us focus on the purpose of superannuation and what is the right way for individuals to smooth their income to last a lifetime”.  Dr Deborah Ralston, who sat on the Retirement Income Review, said she could foresee a much wider variety of products being available in the future following the covenant.  

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