Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today announced the establishment of a consumer and industry advisory group to assist in the next phase of development for a framework for Comprehensive Income Products for Retirement (CIPRs).
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 central task of the reference group is to provide feedback and advice to Treasury on possible options and scope of a retirement covenant in the Superannuation Industry Supervision Act 1993. This would require superannuation trustees to design and offer appropriate retirement income solutions to their members.
The members of the advisory group bring together substantial expertise and experience from across the consumer and superannuation sector, including in asset management, aged care, consumer protection, product development and compliance, academia, and law. Following advice from the group, the Government will undertake broader consultation with all stakeholders on the detail of its proposed approach.
The reference group will include nine experts representing consumers and industry:
- Nick Callil
- Nerida Cole
- Jeremy Cooper
- Sally Evans
- David Knox
- Deborah Ralston
- Nicolette Rubinsztein
- Ruth Stringer
- Ian Yates
The Minister thanks all stakeholders for their contributions to date on the development of a CIPRs framework and looks forward to their ongoing engagement. Submissions on the CIPRs discussion paper are available on the Treasury website.