Released 14 October 2025
This review represents the next phase of ASIC’s oversight of Australia’s retirement system, following the implementation of the retirement income covenant on 1 July 2022.
ASIC examined how various Registrable Superannuation Entity licensees (trustees) have been progressing with implementation of the retirement income covenant, with a focus on how the trustees are communicating to their members about retirement in the lead up to, and through retirement.
ASIC’s report provides detailed observations of good and poor practices from 12 participants since the covenant came into effect to 11 December 2024.
The trustees reviewed are collectively responsible for more than 9.3 million superannuation member accounts and $1.14 trillion in member assets. Collectively, they represent 45% per cent of APRA-regulated funds by member assets (see: Quarterly Fund-Level Statistics | APRA).