The Your Future, Your Super (YFYS) legislation follows Protecting Your Superannuation (PYS, 2018) and Putting Members’ Interests First (PMIF, 2019). All are consequences of the Productivity Commission’s (PC) review of superannuation, together with changes made as a result of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Simultaneously, the government conducted its Retirement Income Review and publicised its report late in 2020. The government’s response to this had been expected in the May Budget, but it was deferred to await the Intergenerational Report (IGR5), which was released on 28 June 2021.
We should now expect an update on pending legislation around retirement incomes.
Meanwhile, the YFYS legislation will have some profound implications for the superannuation industry.
Published: Aug 2021