Cross-agency process for retirement income stream products

In 2017, the government extended the tax exemption on earnings in the retirement phase to new innovative retirement income stream products. These are new types of products that aim to provide consumers with greater choice and flexibility when considering their retirement product options, help them manage the risk of outliving their retirement savings and enhance their standard of living in retirement.

To support industry in developing new innovative retirement income stream products, the government also provided a streamlined pathway for product providers to engage with four key agencies about a proposed product – ATO, DSS, APRA and ASIC – in a single process. The cross-agency process is voluntary and can be used at any time during the development of an innovative retirement income stream product. It allows a product provider to test concepts and seek information and guidance on how these products meet the requirements of the relevant legislation.

What is ASIC’s role in the cross-agency process?

ASIC’s role in the cross-agency process does not extend to any formal approval of superannuation or other products, or the provision of legal advice.  However, ASIC can provide feedback to product providers on issues of concern that are within its conduct, disclosure and licensing jurisdiction under the Corporations and Superannuation legislation.

Product providers can also still contact ASIC, or any one or more of the other agencies, separately in relation to issues arising in relation to retirement income products, as desired.

How to apply

The ATO has lead responsibility as the coordinator of the cross-agency process.  The ATO provides a central entry point and submission form for product providers to give details of the proposed innovative retirement income stream product.

Please note that this cross-agency process is separate from ASIC's Innovation Hub.  ASIC's innovation hub exists to foster innovation that could benefit consumers by helping Australian fintech startups navigate our regulatory system.

What's new

Member communication must be crystal clear, says ASIC

4 March 2020

PYSP reforms: Trustees must provide members with accessible, accurate and actionable information.

Read the article

ASIC and APRA welcome law reform on superannuation regulator roles

14 February 2020

ASIC and APRA have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation.  

Read the media release

Report on PYSP Act implementation by superannuation fund trustees

12 February 2020

Report 655 details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act).

Read the media release

Read the report

ASIC's focus in superannuation

This article by Jane Eccleston, Senior Executive Leader – Superannuation, ASIC, was first published in ASFA’s Superfunds November 2019 edition.

Read the article

Superannuation industry urged to focus on improving insurance outcomes for members

13 December 2019

ASIC has released a report on the superannuation industry’s progress in improving consumer outcomes in relation to life insurance provided through superannuation. Read the media release.

ASIC Commissioner Danielle Press has encouraged the industry to read the report and make meaningful improvements in relation to their insurance offering for the benefit of consumers.

Report on financial advice provided by superannuation funds 

3 December 2019        

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

Read the media release

Updated RG 97 on fees and cost disclosure

29 November 2019

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

Read the media release

Letter to trustees on new rules for Putting Members’ Interests First

30 October 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and further member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.

Read the letter

Read the media release

Read APRA’s letter and FAQs 

ASIC extends relief for portfolio holdings disclosure

29 October 2019

ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the first reporting day for portfolio holdings disclosure, given the regulations setting out the required disclosures have not yet been made.

Read the media release

ASIC has released Report 633

17 October 2019

ASIC’s review of total and permanent disability (TPD) insurance found a number of poor consumer outcomes. 13.4 million Australians hold this kind of cover – 90% of which are held through their super funds.

ASIC Report 633 reveals restrictive definitions mean many consumers can’t rely on TPD cover when they need it the most. ASIC also found poor claims handling processes and a lack of data lead to consumer harm.

Senior Executive Leader of the Insurers Team, Emma Curtis, and Senior Executive Leader of the Superannuation Team, Jane Eccleston, delve further as to how the insurance and superannuation industry can do better in ASIC’s podcast.

Listen to the podcast

Read the report

Insurance in Superannuation Voluntary Code of Practice

4 October 2019

ASIC has issued a letter to superannuation industry associations, outlining our observations and concerns about the implementation of the Insurance in Super Voluntary Code of Practice.

Read the letter

More super news and reports

Last updated: 12/11/2019 01:07