Developing the Retirement Income Framework

1 CPD Point

8 May 2025: Treasury Consultation – Improving access to affordable and quality financial advice

The Institute fully supports Government’s steps to address the financial advice gap in Australia, where many consumers cannot access or afford full personal advice. Overall, and subject to a few qualifications around superannuation trustee certainty, advice through superannuation limitations and targeted superannuation prompts, the Institute believes these reforms represents positive developments which should increase access to and affordability of financial advice and guidance.

1 CPD Point

10 April 2025: Treasury Consultation – Payday Super Exposure Draft Legislation

The Institute broadly supports the ‘payday super’ exposure draft legislation to require employers to pay their employees’ super at the same time as their salary and wages and to help ensure individuals receive the Superannuation Guarantee (SG) contributions to which they are entitled. Focusing on appropriate treatment of individuals with defined benefit (DB) interests, we recommend that the SG compliance test for accumulation members in DB arrangements be based on the employer contributions actually paid (or credited from reserves).

1 CPD Point

12 March 2025: Consultation - Ban on the Use of Adverse Genetic Testing Results in Life Insurance

The Institute supports the Government’s decision to ban adverse genetic test results in life insurance underwriting. This will give the Australian community certainty and assurance on the way forward and support medical advances that can benefit society in many potentially profound ways. As genetics research is a rapidly advancing field, we recommend policy that can adapt to the advances in genetics so that life insurance balances accessibility of insurance and equity to the insured population as a whole.

1 CPD Point

14 February 2025: APRA Consultation - Targeted Adjustments to General Insurance Reinsurance Settings

Reinsurance is a critical element of risk management for general insurance. The Institute welcomes the opportunity to provide feedback on reinsurance settings to assist in maintaining access for Australian insurers to global reinsurance arrangements and high-quality alternative protection markets.

2 CPD Points

Superannuation Tax Reform: Sensible Changes for a Fairer System

A Discussion Paper that sets out a vision for meaningful tax reform that aims to make super simpler to invest, easier to spend and fairer with bequests.

0 CPD Points

Superannuation Tax Reform: Sensible Changes for a Fairer System

In Superannuation Tax Reform: Sensible Changes for a Fairer System, actuaries Richard Dunn, Michael Rice, Jennifer Shaw and Alun Stevens set out their vision for meaningful tax reform that aims to make super simpler to invest, easier to spend and fairer with bequests.

2 CPD Points

Superannuation Tax Reform: Discussing Sensible Changes for a Fairer System

The Australian superannuation system delivers considerable benefits, including a financially secure retirement for an increasing number of retirees. However, a range of taxes on contributions, earnings and benefits make the system complex in a variety of areas. In this session, the Authors of the Institute’s Discussion Paper on Superannuation Tax Reform present an option for significant tax reform, comprising of several elements and which together as a package are suitable for the major structural trends in coming decades. This option is deliberately ambitious and has been written to provoke debate on what changes are needed for the future. The Actuaries Institute and the Authors welcome feedback on the reform package covered in this Discussion Paper, which will ultimately inform an update to the Institute’s public policy position. The goal is a retirement income system that is clear in its objectives, simpler, more efficient, delivers adequacy, and enhances equity across and within generations.

1 CPD Point

Superannuation Tax Reform: Discussing Sensible Changes for a Fairer System

2 CPD Points

Superannuation Tax Reform: Sensible Changes for a Fairer System

A Discussion Paper that sets out a vision for meaningful tax reform that aims to make super simpler to invest, easier to spend and fairer with bequests.

0 CPD Points

Council Approved Update to Standard Introductory Wording to Professional Standards

Council Approved Update to Standard Introductory Wording to Professional Standards

1 CPD Point

11 October 2024: Submission to Treasury Consultation on Legacy Retirement Product Conversions and Reserves – Draft Regulations

The Institute supports the proposal to remove obstacles to winding up legacy retirement income products and to create a more flexible avenue for allocations from superannuation reserves. Introducing this flexibility would enable members with legacy products to rationalise their superannuation without compromising the integrity of the superannuation system.

0 CPD Points

PS 102 Financial Condition Report (March 2021 updated October 2024) Explanatory Memorandum

PS 102 Financial Condition Report (March 2021 updated October 2024) Explanatory Memorandum

0 CPD Points

PS 102 Financial Condition Report (March 2021 updated October 2024)

PS 102 Financial Condition Report (March 2021 updated October 2024)

1 CPD Point

2 September 2024: Submission to Treasury on Improving the ATO YourSuper Comparison Tool

The Institute suggests that priority be given to improving the YourSuper Comparison Tool to better help members make informed investment decisions by including an investment risk metric. We submit that incorporating an appropriate investment risk metric offers clear net benefit to informing better risk-adjusted decisions.

0 CPD Points

TP: Innovative Income Streams July 2024

TP: Innovative Income Streams July 2024

1 CPD Point

31 July 2024: Consultation: CS 7 Proposed Update to Superannuation Forecasts Relief Instrument

The Institute supports ASIC’s proposal to update the rate of nominal wage inflation in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022\603 and Regulatory Guide 276 in view of Treasury’s revision of long-term wage growth forecasts from 4.0% to 3.7% p.a. to align with the 2023 Intergenerational Report. We also support the proposed period of transition to 31 December 2024 where providers can adopt either the existing default nominal wage inflation rate or the revised rate.