Superannuation Industry Stewardship Group special briefing 1 December 2020

Welcome and introductions

David Knox opened the meeting and welcomed members and guest presenter Mike Callaghan.

Retirement income review

Mike Callaghan, Panel Chair of the Retirement Income Review, met with Superannuation Industry Stewardship Group (SISG) members. Over the course of the hour meeting he made some opening remarks, posed questions and took questions from members.

The report for the Retirement Income Review was released by the Government on 20 November. The objective of the evidence-based report aimed to improve understanding of the operation of the retirement income system.

Findings from the report indicate the retirement income system is effective and sustainable. However, the system would the benefit from having a clear objective in order to guide future policy. By improving the understanding of the system, people will be able to make the most of their assets in retirement.

Some topics discussed included:

• the complexity of the system
• dealing with inequity in the system
• learnings internationally
• the need for advice to maintain adequate standard of living in retirement and understand options available.

Wrap up and close

David Knox thanked Mike Callaghan for presenting to the SISG and wished everyone a Merry Christmas and happy and safe holiday.