The Institute of Financial Professionals Australia (IFPA) has praised the government’s draft regulations aimed at providing long-awaited relief for retirees trapped in legacy pension products. These reforms will allow retirees to commute outdated pension products and offer more flexibility in handling reserve allocations. Although these draft regulations are a critical step forward, IFPA has recommended further amendments to maximise the effectiveness of these changes.
For more details, read the full media release and IFPA’s recommendations here.