REP 784 Industry update: Pulse check on retirement income covenant implementation

Released 2 July 2024.

This industry update summarises the responses to a voluntary survey issued by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) in November 2023.

The survey gathered information on the self-assessments undertaken by registrable superannuation entity (RSE) licensees on their progress and planned improvements since the release of the information report, REP 766 Implementation of the retirement income covenant: Findings from the APRA and ASIC thematic review in July 2023.

The survey asked RSE licensees to elaborate on improvements made and planned across the three core areas for the effective implementation of the covenant, namely:

• understanding members’ needs,
• designing fit-for-purpose assistance, and
• overseeing strategy implementation.

In addition, RSE licensees were asked to identify challenges in delivering successful retirement outcomes to members.

All RSE licensees invited to the survey responded with a total of 48 responses received.

Read the report (PDF 269 KB)