Released 26 November 2025.
This industry update summarises the responses to a voluntary survey issued to registrable superannuation entity (RSE) licensees by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) in June 2025.
The survey formed part of the proposals to improve the retirement phase for Australians, announced by the Government in November 2024.
The survey asked RSE licensees to comment on their progress in implementing the retirement income covenant (covenant) and planned improvements since the release of the joint APRA-ASIC industry update, in July 2024 (2024 pulse check).
The survey also asked RSE licensees to comment on improvements made since the 2024 pulse check, challenges in implementing their strategy, and their planned initiatives across the following three core areas for the effective implementation of the covenant:
- identify and understand members’ needs in retirement
- assist members with information, financial advice and product offerings, and
- execute and oversee their retirement income strategy and assess whether the intended outcomes are being achieved.
Of the 44 RSE licensees that were invited to participate in the voluntary survey, 39 participated, representing around 95% of retirement phase assets in superannuation.1
1APRA-regulated retirement phase member assets from APRA’s June 2025 Quarterly Superannuation Product Statistics (QSPS).