Australian Prudential Regulation Authority (APRA) has published the remarks made by its Deputy Chair, Margaret Cole at the FSC Innovation in Retirement conference held on 16 October 2025.

In her remarks Margaret Cole noted that Australia is an aging population. Assets in retirement products are predicted to grow from $575 billion to around $3 trillion in 20 years’ time, with 2.5 million Australians predicted to transition from the accumulation phase to the retirement phase in this decade. This background set the scene for APRA’s priorities as the superannuation industry transitions to the retirement phase. These priorities include:

  • Meeting Members’ Needs: There are many members who would benefit from greater access to easy-to-understand information about the products, services and choices available to them. In a staggering figure, $99 billion of assets in MySuper accounts are held in accounts of members aged 65 or over.
  • Information Controls: Ensuring that regulated entities have robust information controls in place, including – but not limited to – multi-factor authentication for member accounts.
  • Operational Risk Management: Ensuring the effective implementation of APRA’s operational risk management standard CPS 230 – particularly those requirements relating to oversight of material service providers. APRA will continue to engage with trustees to ensure they are meeting their new obligations.
  • Retirement Product Returns: Integrating fund-level data on retirement product investment returns and investment strategies into APRA’s Comprehensive Product Performance Package from the second half of 2025-26.
  • Retirement Reporting Framework: Designing with Treasury a new reporting framework on retirement outcomes which will commence in 2027. This will enable monitoring of the outcomes delivered to members in retirement in a consistent and transparent way. The next step for the Retirement Reporting Framework is Government confirmation of the scope of the framework, following the earlier consultation by Treasury.
  • Getting the Balance Right: APRA is taking action to minimise regulatory burden in line with its new strategic objective, Getting the Balance Right. In addition to the reduction of capital requirements for annuity products, the initiatives include introducing further proportionality, removing unnecessary or duplicative rules, and strengthening data sharing with other agencies.