New ‘best practice’ principles for superannuation products are coming. We asked a panel of experts what should be included

We all know how important it is to save enough money for retirement – but what about spending it wisely when we get there?

Even for those who have built up a suitable nest egg, managing money well in retirement isn’t necessarily straightforward. Now, the federal government has said it wants to make it easier^[1].

On Wednesday, Treasurer Jim Chalmers announced a broad package of reforms^[2] to the retirement phase of the superannuation system.

Key aims include expanding access to reliable information, supporting more innovation in super products, and introducing a new reporting framework focused on retirement outcomes.

There’ll also be a new set of voluntary “best practice principles” for the industry, to help it design “modern, high quality” retirement products.

Next year, the government will consult on a draft version of these principles. The Conversation asked five experts what they thought the most important focus should be.

Read more: Chalmers targets reforms to superannuation products and transparency in the retirement phase^[3]

References

1. ^{^} make it easier (theconversation.com)
2. ^{^} reforms (ministers.treasury.gov.au)
3. ^{^} Chalmers targets reforms to superannuation products and transparency in the retirement phase (theconversation.com)