Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 9   Retirement income covenant

Superannuation Industry (Supervision) Act 1993

1   After subsection 52(8)

Insert:

Retirement income covenants

(8A) The covenants referred to in subsection (1) include the following covenants by each trustee of the entity:

(a) to formulate, review regularly and give effect to a retirement income strategy that meets the requirements in section 52AA;

(b) to take reasonable steps to gather the information necessary to inform the formulation and review of the strategy;

(c) to record the strategy in writing;

(d) to record in the document in which the strategy is recorded:

(i) each determination made by the trustee for the purposes of the strategy, and the reasons for the determination; and

(ii) each other decision made by the trustee in formulating, reviewing or giving effect to the strategy that the trustee considers to be significant, and the reasons for the decision; and

(iii) the steps taken to gather the information that informed the formulation of the strategy, and the reasons for taking those steps;

(e) to make a summary of the strategy publicly available on the website of the entity.

(8B) Subsection (8A) does not apply if the entity is a regulated superannuation fund, and the only benefits it provides to, or in respect of, its members are any of the following:

(a) death benefit;

(b) permanent incapacity benefit;

(c) a benefit provided if, and only if, a member is suffering temporary incapacity (within the meaning of the superannuation data and payment standards).