The Albanese Government is helping more Australians retire with dignity by taking further steps to improve the superannuation system.
The Government is releasing draft regulations for consultation which will give individuals the option to exit certain legacy retirement products that are no longer fit‑for‑purpose and transition to options that better meet their needs.
These legacy products have complex rules that restrict retirees from moving to modern and flexible options.
As such, the draft regulations will:
- remove barriers so that individuals can exit from these products at any stage over the next five years; and
- help retirees access capital more easily that would otherwise be locked in the system.
Our Government will always ensure that the superannuation system delivers income for a dignified retirement for all Australians.
The Government welcomes feedback from stakeholders on the draft regulations and explanatory statement.
Consultation closes on 8 October 2024.
