On 7 August 2025, the Australian Government released two consultation papers as its next steps in reforming and improving the retirement phase of superannuation.
The consultations are:
- The best practice principles for superannuation retirement income solutions (the Principles). The Principles will guide the superannuation industry in designing modern, high quality retirement products that help deliver income in retirement. The Principles will provide guidance for trustees of registrable superannuation entities (trustees) on the design and delivery of high-quality retirement income solutions to their members. The Principles support the Government’s expectation for Australians to have access to well-rounded retirement income solutions that meet their needs in retirement. The Principles outline actions trustees can voluntarily adopt in designing and delivering retirement income solutions as part of their retirement income strategy, under the Retirement Income Covenant (the Covenant). The Principles are intended to complement existing trustee obligations and are not intended to replace, override or vary obligations under existing law.
- The retirement reporting framework (the Framework) is a proposed new reporting framework on retirement outcomes that will offer members greater transparency and create common understanding for success in the retirement phase. The Framework will require trustees to report on a series of indicators on their products, services and offerings, as well as metrics on their members’ behaviour, to understand how trustees are driving improved retirement outcomes. The Framework will sit alongside the Covenant’s principles-based obligations and the new requirements introduced in Prudential Standard SPS 515: Strategic Planning and Member Outcomes (which commenced on 1 January 2025). Once the metrics have been determined, APRA will consult on how best to collect and publish the data required by the framework.
The deadline for comments on both consultations is 18 September 2025.