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Submission to the Retirement Income Covenant consultation

Submission to the Retirement Income Covenant consultation

05 August 2021
All

National Seniors research has demonstrated older people value stable and secure income, and value products
like defined benefit schemes as reducing worry in retirement. While this means there is likely to be support
from older Australians for the approach taken in the covenant, it is important to recognise that
retirement objectives and goals depend on the specific circumstances of individual fund members.

Summary
Summary: National Seniors Australia submitted a response to the Retirement Income Covenant consultation by Treasury. They support a principles-based approach that allows superannuation members to choose products that meet their needs. They do not support compelling older Australians to purchase specific retirement income products. Emphasize the importance of informed choice and the need for a legislative environment that promotes it. Highlight the challenges faced by retirees with limited savings and the need for further simplification of the retirement income system. Discuss the objectives trustees should balance in developing a retirement income strategy under the covenant. Address the issue of longevity risk and the practical application of addressing it in retirement income strategies. Mention the research findings on retirees' awareness and planning for increased life expectancy and later life costs. Discuss older Australians' experiences and attitudes towards retirement income issues, particularly in light of the global financial crisis. Highlight the challenges and uncertainties faced by older Australians in managing their retirement income.
Submission to the Retirement Income Covenant consultation

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Giving older Australians a better future

National Seniors is a not-for-profit membership and advocacy organisation that gives older Australians – working and retired – a strong national voice. We tackle issues such as age discrimination, mature age employment, the Age Pension, social inclusion, cost of living concerns and more.

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