New reforms from the Federal Government are set to help older Australians make better use of their retirement savings by improving the quality and transparency of superannuation, paving the way for a more secure retirement for many.

As part of the reforms package, the Federal Government is set to improve resources on its financial advice website, Moneysmart, and introduce new regulations to offer superannuation members more options.

The superannuation industry will also implement voluntary best practice principles to enhance the quality of services, while a new reporting framework will help retirees better track and compare their superannuation products.

Treasurer Jim Chalmers said the reforms “will empower more Australians to make the most of their superannuation”.

“Today I am announcing a new package of reforms that will help give retirees peace of mind, help them make their super go further and provide more support to navigate retirement,” Chalmers said in a speech to the Association of Superannuation Funds of Australia on Wednesday, November 20.

“These changes will empower more Australians to make the most of their superannuation through more trusted information, better products and greater transparency.”

The reforms will focus on four critical areas to strengthen retirement outcomes:

• Enhanced independent guidance: The Government will expand and refresh resources on the Moneysmart website, ensuring retirees have easy access to independent, reliable information on superannuation and retirement options.
• Better retirement products: By improving the innovative income stream regulations, the reforms will support innovation in quality retirement products, giving members more options that meet their needs and helping them make the most of their super. The updated regulations will commence from 1 July 2026, with consultation on draft regulations ahead of this. The changes include allowing funds to offer product features that members want, such as money back guarantees and instalment payments instead of an upfront lump sum.
• Best practice principles: A new set of voluntary best practice principles will guide the superannuation industry in designing modern, high‑quality income products that support Australians’ financial security in retirement. Consultation on draft principles to begin in 2025.
• Increased transparency: A new reporting framework on retirement outcomes will offer members greater transparency and create common understanding for success in the retirement phase.

Chief Executive Officer of COTA Australia Patricia Sparrow said the reforms are a “good step forward” in ensuring a dignified retirement for older Australians.

“These changes are about ensuring that after saving our whole lives for our retirement, Australians are able to live the life in retirement that they want and deserve to,” Sparrow said.

“It’s really hard for people to know what to do in planning for, and managing, the retirement phase of our lives. The system is complex to navigate and overwhelming for many people. It’s important we change that, and these measures are a good step towards making that easier for us all.

“We’ve seen measures introduced over the years to improve the way we save for retirement, but now we’re finally seeing some improvements to the way people are able to manage their superannuation in retirement.

“Our superannuation system is designed to ensure Australians can have a dignified retirement, but the reality is that for too long it hasn’t been a focus and has felt too complex and difficult to navigate for many people.

“As many more Australians head into retirement having a clear, fair, easy-to-navigate super system has never been more important.”

-with AAP.