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Retirement income covenant: exposure draft legislation

Published: 15 Oct 2021

ISA broadly supports the retirement income covenant in the exposure draft legislation. We particularly welcome:

  • the flexible principles-based approach to the covenant, and
  • the inclusion of spending flexibility as an objective that funds must address in the strategy.

However, to improve the covenant and retirement outcomes for members more broadly, ISA makes recommendations in the following areas:

  • Inclusion of self-managed super funds 
  • Application of the covenant
  • Interaction with the design and distribution obligations
  • Classes of members
  • Appropriate guidance
  • Meeting the needs of disengaged members

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