Vision Super’s Retirement Income Strategy

Section 52(8A) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) requires the Trustee 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.

Vision Super’s retirement income strategy has been formulated for members who are approaching or in retirement. The Trustee recognises the importance of assisting members plan for and manage their retirement income.
The strategy outlines generally how the Trustee intends to assist members covered by the strategy to achieve and balance the following objectives:

Maximising their expected retirement income

  1. Managing expected risks to the sustainability and stability of their expected retirement income;
  2. Having flexible access to expected funds during retirement; and
  3. The Trustee aims to provide members assistance by way of providing a combination of support, guidance, and the appropriate retirement income products.

Objectives of the Retirement Income Covenant

Maximising the expected retirement income of members over the period of retirement.

Managing the expected risks to the sustainability and stability of members’ retirement income.

Ensuring that members have flexible access to expected funds during retirement.

Summary of Vision Super’s current approach

Currently the Trustee provides:

  • An Account-based pension
  • A Three Bucket Pension Strategy
  • A Non-commutable Account based pension
  • Choice of investment options including lower volatility options, cash and similar (unless a member selects the Three Bucket Pension strategy).
  • A Retirement Bonus (eligible account based pension members) .
Currently the Trustee provides:
  • Product Disclosure statements
  • Annual Statements
  • Brochures
  • Booklets
  • Educational Videos
Currently the Trustee provides:
  • Retirement calculators
  • Budgeting tools
  • Member Portal
  • Phone based support

Planned future enhancements

In the future, Vision Super aims to explore the viability of other retirement income solutions which may better meet the needs of our members, as well as a review of potential enhancements to existing products, and the development of additional tools and calculators to assist members before, during and after retirement