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Retirement Phase of Superannuation

Response to Treasury Discussion Paper

This Deloitte submission is in response to the Discussion Paper released by Treasury on 4 December 2023 titled “Retirement phase of superannuation”. Deloitte welcomes the opportunity to respond to the Discussion Paper, noting that the subject matter is highly relevant given the current Australian demographics, the nascency of the Retirement Income Covenant and the upcoming – albeit yet to be determined – Quality of Advice Review (QAR) legislation. It also crystallises more than a decade of thought around this topic, especially following the 2014 Financial System Inquiry Final Report and subsequent consultations.

The Discussion Paper is separated into three key themes – supporting members, supporting funds and lifetime income products – and we have considered each of these when constructing our responses to the Consultation Questions. Our response first summarises our high-level thoughts on each of the three themes, noting inextricable links between all three.

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