The Government agreed to support the development of more efficient retirement income products and to facilitate trustees offering these products to members, in response to the Financial System Inquiry.
These products were labelled by the Murray Inquiry (Financial System Inquiry) as 'Comprehensive Income Products for Retirement', or CIPRs; however the Government proposes to use 'MyRetirement products' as a more consumer‑friendly and meaningful label.
The MyRetirement framework is intended to increase individuals' standard of living in retirement, increase the range of retirement income products available, and empower trustees to provide members with an easier transition into retirement. Through this framework, the Government is aiming to increase the efficiency of the superannuation system so it can better achieve the proposed objective of superannuation, which is to provide income in retirement to substitute or supplement the Age Pension.
The Government has released, for public consultation, a discussion paper that explores the key issues in developing the framework for Comprehensive Income Products for Retirement, or MyRetirement products. Views are sought from interested stakeholders, in particular on:
the structure and minimum requirements of these products;
the framework for regulating these products; and
the offering of these products.
The Government is committed to consulting extensively with stakeholders on this framework.
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