In remarks to the Conexus Retirement Conference, Australian Prudential Regulation Authority (APRA) Deputy Chair Margaret Cole focused on trustees’ implementation of the Retirement Income Covenant and APRA’s increasing emphasis on the retirement phase of superannuation, including further supervisory monitoring and new transparency initiatives. APRA estimates retirement assets in APRA-regulated funds are tracking towards AUD 3 trillion over the next two decades, up from AUD 550 billion currently. Cole noted that while an APRA and Australian Securities and Investments Commission (ASIC) thematic review had previously found a lack of urgency in embracing the intent of the covenant, subsequent trustee self-reporting indicates progress but uneven delivery, particularly on tracking and measuring the success of retirement income strategies. APRA and ASIC have completed another pulse survey this year and intend to publish findings later this year; preliminary results show nine out of ten trustees rate their progress as “good” or “very good”, with none rating it “excellent”. On transparency, APRA is working with Treasury on a retirement reporting framework, with proposed indicators and metrics recently released for consultation, covering funds’ product offerings, member outcomes and cohorting practices, including drawdown options, take-up of retirement products and the provision or referral of advice. APRA plans to publish the resulting framework data collection annually from 2028. Separately, APRA published retirement-phase product data for the first time in June, covering performance data for 600 multi-sector investment options, and plans further insights over time, including in next year’s Comprehensive Product Performance Package.
Australian Prudential Regulation Authority 2025-08-13
Australian Prudential Regulation Authority flags further monitoring of super trustees’ retirement income strategies and sets out transparency plans including annual retirement reporting from 2028
APRA Deputy Chair Margaret Cole emphasized at the Conexus Retirement Conference the focus on trustees' implementation of the Retirement Income Covenant and APRA's increased emphasis on the retirement phase of superannuation. APRA, with ASIC, is developing a retirement reporting framework, with annual data collection starting in 2028, and has published initial retirement-phase product data covering 600 multi-sector investment options.