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The Treasurer has issued a media release titled Improving the retirement phase of superannuation which announces reforms to the retirement phase of superannuation.

 

The reforms will focus on four critical areas to strengthen retirement outcomes:

  • Enhanced independent guidance: The Government will expand and refresh resources on the Moneysmart website, ensuring retirees have easy access to independent, reliable information on superannuation and retirement options.

    ASIC will lead a consumer education campaign to raise awareness amongst people approaching retirement and in retirement. New resources will start rolling out in the first half of 2025.

     

  • Better retirement products: By improving the innovative income stream regulations, the reforms will support innovation in quality retirement products, giving members more options that meet their needs and helping them make the most of their super. The updated regulations will commence from 1 July 2026, with consultation on draft regulations ahead of this.

    The changes include allowing funds to offer product features that members want, such as money back guarantees and instalment payments instead of an upfront lump sum.

     

  • Best practice principles: A new set of voluntary best practice principles will guide the superannuation industry in designing modern, high‑quality income products that support Australians’ financial security in retirement. Consultation on draft principles to begin in 2025.

     

  • Increased transparency: A new reporting framework on retirement outcomes will offer members greater transparency and create common understanding for success in the retirement phase.

     

    Further consultation with the industry and broader community on the details of these changes will begin in the first half of 2025.

     

     

The Government has registered a legislative instrument to increase the maximum amount of accommodation payment that an aged care provider can charge without approval from the Independent Health and Aged Care Pricing Authority (Pricing Authority).

 

The Aged Care (Subsidy, Fees and Payments) Amendment (Maximum Accommodation Payment) Determination 2024 increases the maximum amount of accommodation payment  that can be charged without approval from the Pricing Authority from $550,000 to $750,000 from 1 January 2025.

The ATO has released data on the number of applications approved for the release of superannuation on compassionate grounds, for the period 2018-19 to 2023-24.

 

In 2023-24, the total amount approved for release was $1.040 billion.

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