retirement income covenant

It’s been a sharp learning curve, but super funds are learning how to better engage with their members, especially those in retirement. And members are responding positively, with 70 per cent saying they trust their fund to make the right decisions.

Determining how to maximise your retirement income from the age pension and superannuation can be complex, with many needing financial advice to avoid the pitfalls, says Innova Asset Management managing director Dan Miles.

Super funds are failing in their primary duty of understanding customers’ retirement income needs and aren’t doing enough to address known data gaps, the regulators said, criticising their slow progress under the retirement income covenant.

The institution has entered the post-Retirement Income Covenant market race with an out-of-the-box hybrid offering that may well attract a swathe of retirees.