Section 52(8A) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) requires the Trustee of TWUSUPER to document its Retirement Income Strategy (Strategy) and the steps and decisions followed in formulating the Strategy.
The summary below sets out key aspects of our Strategy.
The Trustee’s Strategy is to provide:
- Support for Fund members as they approach retirement
- Guidance for Fund members as they enter retirement
- Appropriate retirement income products through the Fund
- Ongoing support for Fund members in retirement
- Access to advice to assist Fund members with their retirement income decisions
Each of these elements is summarised below.
Support for Fund members approaching retirement
The Trustee’s Strategy is to support Fund members as they approach retirement. In particular, the Trustee recognises the importance of assisting Fund members to consider their retirement income, rather than solely focusing on their superannuation account balance.
Guidance for Fund members entering retirement
The Trustee’s Strategy is to provide guidance for Fund members as they approach and enter retirement. Members need to balance the objective of maximising their retirement income in the context of desired income stability and access to funds as required.
Appropriate retirement income products
The Trustee’s Strategy is to provide appropriate retirement income products through the Fund which complement Fund members’ other sources of retirement income (eg. the age pension and other savings).
The Trustee currently provides an account-based pension product and a TTR (Transition to Retirement) product. The Trustee will continue to evaluate these products to ensure the investment menu continues to appropriately manage expected risks for members. From time to time, the Trustee will investigate whether its retirement income product offerings can be extended to better meet the needs of members.