On 10 December 2018, Treasury released the Retirement Income Disclosure Consultation Paper which is the next step in developing a retirement income framework to give members a wider choice of products (‘comprehensive income products for retirement’ or CIPRs) and simple standard form of disclosure to help them select, to suit their needs.
The Consultation Paper seeks views on:
- The appropriateness of the proposed metrics, to be given to retirement income customers.
- The method of calculating risk to retirement income.
- The presentation of the metrics for the fact sheet format of disclosure.
A ‘Retirement Income Risk Measure’ paper prepared by the Australian Government Actuary, is also included – outlining the retirement income risk measure and the method of calculation.