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APRA and ASIC release new FAQs on the implementation of the retirement income covenant

Wednesday 1 June 2022

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have issued a new set of frequently asked questions (FAQs) on the implementation of the retirement income covenant (the covenant) introduced by the Australian Government. 

The FAQs published today follow the joint letter released in March 2022 containing APRA’s and ASIC’s expectations of registrable superannuation entity (RSE) licensees in response to the covenant, and they aim at assisting RSE licensees with the development of their retirement income strategies.

The FAQS are available on the APRA website at: Implementation of retirement income covenant - Frequently asked questions.
 

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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.