Now that window for submissions to the Treasury consultation into the Retirement Phase of Superannuation is closed, we now keenly await its findings and any direction from Treasury that will help lay the foundation for the next generation of retirement solutions, product disclosure and member engagement.
The Discussion Paper rightfully acknowledges the need for improved member access to education, assistance and guidance – however, is this to be achieved in a highly-standardised product environment (which should be cheaper to implement and promote network effects) or one in which product innovation is valued above all else?
In Deloitte's response to the consultation, we have laid out some considerations and ideas for how the tension between these two competing objectives may be navigated to carefully strike the right balance.