Cross-agency process for innovative retirement income stream products

In 2017, the government extended the tax exemption on earnings in the retirement phase to new innovative retirement income stream products. These are new types of products that aim to provide consumers with greater choice and flexibility when considering their retirement product options, help them manage the risk of outliving their retirement savings and enhance their standard of living in retirement.

To support industry in developing new innovative retirement income stream products, the government also provided a streamlined pathway for product providers to engage with four key agencies about a proposed product – ATO, DSS, APRA and ASIC – in a single process.

The cross-agency process is voluntary and can be used at any time during the development of an innovative retirement income stream product. It allows a product provider to test concepts and seek information and guidance on how these products meet the requirements of the relevant legislation.

An innovative retirement income stream product is a product designed to meet regulation 1.06A of the Superannuation Industry (Supervision) Regulations 1994. However, the cross-agency process is also open in relation to new retirement income stream products that don’t satisfy the requirements of regulation 1.06A, as long as they:

  • satisfy the pension and annuity standards in regulation 1.05 or 1.06 of the Superannuation Industry (Supervision) Regulations 1994, and
  • are innovative in nature.

What is ASIC’s role in the cross-agency process?

ASIC’s role in the cross-agency process does not extend to any formal approval of superannuation or other products, or the provision of legal advice.  However, ASIC can provide feedback to product providers on issues of concern that are within its conduct, disclosure and licensing jurisdiction under the Corporations and Superannuation legislation.

Product providers can also still contact ASIC, or any one or more of the other agencies, separately in relation to issues arising in relation to retirement income products, as desired.

How to apply

The ATO has lead responsibility as the coordinator of the cross-agency process.  The ATO provides a central entry point and submission form for product providers to give details of the proposed innovative retirement income stream product.

Please note that this cross-agency process is separate from ASIC's Innovation Hub.  ASIC's innovation hub exists to foster innovation that could benefit consumers by helping Australian fintech startups navigate our regulatory system.

What's new

Virtual roundtable - Internal Dispute Resolution in Super

16 November 2020

ASIC is conducting a virtual roundtable on November 25th discussing Internal Dispute Resolution in Super - New Enforceable Requirements (RG 271). 

This roundtable is targeted at Senior Risk and/or Compliance Persons and Trustee Office Leaders.  If you are interested in attending please RSVP by 20 November to IDRinSuper1@asic.gov.au

Read the invite

Media release on updated guidance

2020-21: ASIC’s focus in superannuation

10 November 2020

Two things are certain for the superannuation industry this year: that the uncertainty and challenges created by COVID-19 are continuing, and that in the face of this uncertainty, trustees’ obligations to their members remain important. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, discusses ASIC’s priorities for 2020-21.

Read the article

Support and protections for whistleblowers

7 October 2020

The Australian Government’s  whistleblower protection reforms have been in place for more than a year. Jane Eccleston, ASIC Superannuation Senior Executive Leader, reminds trustees of their obligations to support and protect whistleblowers and implement a whistleblower policy.

Read the article

ASIC extends financial advice relief related to the COVID-19 early release of superannuation

23 September 2020

ASIC is extending the financial advice relief related to the COVID-19 early release of superannuation scheme in light of the extension of the scheme by the Government.

Read the release

ASIC updates the fees and costs disclosure regime

9 September 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, provides an overview of ASIC’s latest update to Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements.

Read the article

Superannuation trustees compensate members wrongly classified as ‘smokers’

7 August 2020

Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid.

Read the release

Minor updates to RG 97

24 July 2020

ASIC has released minor amendments to the fees and cost disclosure regime for issuers of superannuation and managed investment products.

Read the release

The role of super funds during COVID-19

3 July 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses the regulator’s focus and what it expects from industry in the current environment.

Read the article

Finding and consolidating ‘lost’ superannuation

6 May 2020

ASIC’s Superannuation Senior Executive Leader, Jane Eccleston, discusses some of the issues ASIC has identified to help trustees best guide their fund members.

Read the article

No-action position

14 April 2020

ASIC has issued a temporary no-action position for superannuation trustees to expand the scope of personal advice that may be provided by, or on behalf of, the superannuation trustee as ‘intra-fund advice’.

Media release on relief measures

Temporary no-action position

ASIC examines advice in super

3 April 2020

ASIC’s Senior Executive Leader — Financial Advisers, Kate Metz, discusses the regulator’s recent report on financial advice by superannuation funds.

Read the article

COVID-19 information

1 April 2020

Read our frequently asked questions about current superannuation regulatory issues that have arisen from the COVID-19 pandemic.

ASIC and APRA have also published a joint letter to trustees.

Member communication must be crystal clear, says ASIC

4 March 2020

PYSP reforms: Trustees must provide members with accessible, accurate and actionable information.

Read the article

ASIC and APRA welcome law reform on superannuation regulator roles

14 February 2020

ASIC and APRA have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation.  

Read the media release

Report on PYSP Act implementation by superannuation fund trustees

12 February 2020

Report 655 details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act).

Read the media release

Read the report

ASIC's focus in superannuation

6 November 2019

This article by Jane Eccleston, Senior Executive Leader – Superannuation, ASIC, was first published in ASFA’s Superfunds November 2019 edition.

Read the article

Superannuation industry urged to focus on improving insurance outcomes for members

13 December 2019

ASIC has released a report on the superannuation industry’s progress in improving consumer outcomes in relation to life insurance provided through superannuation. Read the media release.

ASIC Commissioner Danielle Press has encouraged the industry to read the report and make meaningful improvements in relation to their insurance offering for the benefit of consumers.

Report on financial advice provided by superannuation funds 

3 December 2019        

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

Read the media release

Updated RG 97 on fees and cost disclosure

29 November 2019

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

Read the media release

More super news and reports

Last updated: 28/07/2020 08:17