ASIC and APRA release joint letter on the implementation of retirement income covenant

7 March 2022

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) issued a joint letter to all registrable superannuation entity (RSE) licensees on the implementation of a new retirement income covenant (the covenant).

The letter follows the Government’s legislative amendments to the Superannuation Industry (Supervision) Act 1993, that will come into effect from 1 July 2022, and it sets out ASIC’s and APRA’s expectations of RSE licensees in implementing new requirements for their members in response to the retirement income covenant. 

RSE licensees are required to formulate a retirement income strategy by 1 July 2022, and are expected to implement the strategy through a continuous improvement process over time.

Read the letter (PDF 333 KB)

Last updated: 07/03/2022 01:00