Chalmers releases retirement phase reforms

Treasurer Jim Chalmers has released the Retirement Reporting Framework and Best Practice Principles for superannuation retirement income solutions.

- Eliza Bavin

"These reforms are all about strengthening the system to deliver the best results for Australians when they retire, as well as when they're working," Chalmers said.

"Australia's $4.5 trillion superannuation system is entering a critical phase, with more than 2.5 million Australians expected to retire in the next decade."

Chalmers said the reforms aim to ensure there is as much policy and product focus on the retirement phase as there is in the accumulation phase.

"They will improve transparency and drive trustees to innovate and deliver better retirement solutions for their members," Chalmers said.

"This will help Australians retire with more confidence knowing they have access to the right product solutions, information, and strategies to help them make the most of their superannuation."