24 August 2022 - ASIC and APRA release notes on third Superannuation CEO Roundtable
ASIC and APRA released public notes on the third Superannuation CEO Roundtable, which focused on implementation of the recently legislated Retirement Income Covenant.
Attendees representing a broad cross-section of the industry raised several issues relating to designing retirement strategies that are fit for the specific needs of their membership base. These included:
- understanding the range of factors that contribute to good retirement outcomes
- sourcing information about external factors impacting retirement, which are not captured by fund data
- measuring super product quality using external expertise and benchmarks
- delivering financial advice
- tracking and improving member engagement, satisfaction and confidence.
A copy of the notes was also made available via the ‘Letters, notes and advice’ area of APRA’s website. Findings from a joint thematic review of selected trustees’ retirement income strategies will be communicated to industry by APRA and ASIC in early 2023.
The roundtable also underscores how regulators are becoming more transparent about the degree to which they collaborate on shared issues. Release of the notes came only a week after APRA’s and ASIC’s Superannuation leaders had made a speech about the new retirement income covenant at the Conexus Retirement Conference.