Australian Securities & Investments Commission highlights Retirement Income Covenant implementation gaps as one in five trustees cannot track outcomes

In remarks at the Conexus Retirement Leaders Summit in Canberra, Australian Securities & Investments Commission (ASIC) Commissioner Simone Constant said implementation of the Retirement Income Covenant remains uneven three years in, with clear “leaders and laggards” among superannuation trustees. A joint ASIC and Australian Prudential Regulation Authority pulse check found one in five trustees cannot track the success of their assistance to members in balancing the covenant’s objectives. ASIC also pointed to new Moneysmart research indicating low retirement readiness among Australians aged 50–66, including 33% confident of a financially comfortable retirement, 18% having had a clear financial plan before retiring, 26% with high financial literacy and 41% confident managing retirement finances; Conexus and CoreData research similarly put the share of pre-retirees who feel fully or reasonably prepared at 31%. The speech linked better member communications to higher satisfaction and retention, cited examples of more tailored and data-driven approaches, and flagged preliminary findings that RSE licensees had failed to adequately consider First Nations members in their retirement communications. ASIC expects to publish its full findings from this work in September 2025 and indicated it will continue follow-up on trustees’ covenant obligations, while APRA’s 2025 pulse check is due later in 2025.