Submission

Friday, 15 June 2018

Retirement Income Covenant for Trustees

AIST supports the proposal to include a retirement income covenant in the SIS Act. However, we do not support the proposal to mandate a CIPR as a default product for members’ retirements, as this is a decision that trustees should make having regard to the needs of their members. AIST believes that should a CIPR be mandated as a default product in retirement, trustees must be protected by a safe harbour.