Best Practice Principles

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Treasury's Retirement Income and Adequacy Unit (RADu) circulated a first draft of Best Practice Principles (BPPs) for superannuation retirement income solutions in December 2024, following the government's announced superannuation reforms. The BPPs are intended as voluntary standards to guide superannuation funds beyond the minimum requirements set by the retirement income covenant. Document types include meeting minutes from a Treasury-ASIC coordination meeting (27 November 2024) and internal emails (10 December 2024). Treasury sought feedback from ASIC and other stakeholders by 10 January 2025, with a follow-up discussion scheduled for the week of 13 January. Treasury also organised industry roundtables beginning 18 December 2024 to engage key stakeholders on the principles' design, with APRA and ASIC expected to participate as observers in subsequent meetings scheduled for February-March 2025.