CALI welcomes the Government’s continued commitment to reforming and improving the retirement phase of superannuation to help deliver a more dignified retirement for more Australians.
Our response to the Treasury’s recent consultation on the Retirement Reporting Framework (‘Framework’) reflects the important role of life insurers as partners to superannuation funds and their members. Australia’s life insurers play a central role in insuring lifetime income products and provide capital and global expertise to support an innovative retirement market in Australia.
CALI supports the principles of the Framework and has made a number of recommendations to ensure the proposed reform is aligned to the broader advice and retirement policy agenda, particularly the Government’s Delivering Better Financial Outcomes package and APRA’s review of capital standards for annuities and longevity protection products, and to ensure proportionality, flexibility and simplification for superannuation funds, life insurers and customers.