Five years ago, the federal government introduced new rules that will shape retirement product design in the years to come. Under the Superannuation (Objective) Bill 2016, the government extended the tax exemption on earnings in the retirement phase to products such as deferred lifetime annuities.
Beneath the rather ho-hum wording of the legislation is an exciting new chapter where outdated thinking around retirement can finally be abandoned to make way for contemporary product design.
For example, it makes sense for retirement income to be distributed dynamically over time and yet before the reforms were introduced, income levels were set statically to suit tax rules, not desired lifestyles.
Generation Life is putting its stamp in this space and believes a sharper way to manage retirement income can help more Australians avoid 'regret risk'.
Find out more in the article.