MyRetirement consultations slow as super for mortgages heats up
Just weeks out from the May Budget the Federal Government has extended the consultation deadline around one of its key 2016 Budget measures – the development of a comprehensive income products for retirement (CIPRs).
The Treasury has announced that the date for the closure of submissions on the CIPRs consultation will now occur on 9 June – a significant extension from the original April deadline.
The Government signalled its support for the post-retirement products in last year's Budget with Treasury opening the consultation process on 15 December, last year.
Rather than calling the post-retirement products CIPRs, the Government chose MyRetirement which it believed would be a more consumer-friendly label.
The changed consultation timetable suggests it will be well into 2018 before legislation around the new arrangements actually reaches the Parliament.
In the meantime, a significant debate has opened up within the Government over suggestions that young first homeowners be granted access to their super to help fund a mortgage deposit.
The Federal Opposition has joined with the superannuation industry in strongly opposing the rumoured Budget proposal.
Recommended for you
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
