Super funds will soon need to report how well they’re helping you in retirement

The government’s Retirement Reporting Framework wants super funds to report on how well they support retirees – not just how they grow your money. Here’s why it matters for you, especially if retirement is getting close.

By Bron Maxabella

Retirement is no longer just about growing your super.

Most of us have spent our working lives being told to “grow your super”: compare the fees; switch to the high performer; make extra contributions if you can. It’s all been about building up the balance.

But what happens when you stop adding to your super and start relying on it instead? Who’s checking how well your fund supports you through that next stage?

Until now, the answer has been… no one, really. But that’s about to change.

The Australian Treasury has just released two consultation papers as its next steps towards developing a Retirement Reporting Framework. It aims to reform and improve the retirement phase of superannuation and it’s a big step forward in making sure super funds don’t just help you save, but actually help you live well in retirement.

What is the Retirement Reporting Framework?

This new mandatory government initiative will require super funds to report to the Australian Prudential Authority (APRA) on how well they support members after retirement, not just during the accumulation years. 

In other words, your fund will need to be clear about what it offers you once you stop working. That includes:

• How it helps you turn your savings into a reliable income‍
• Whether it gives you flexibility and choice
• Whether it gives you flexibility and choice

You might remember hearing about the Retirement Income Covenant that came into effect in 2022. That law requires super funds to have a retirement strategy in place for members to help them balance income, flexibility and risk.

The new reporting framework takes that idea a step further. It’s one thing to have a strategy; it’s another to track how well that strategy actually works. That’s what this new initiative is all about.

The Retirement Reporting Framework will sit alongside a series of voluntary ‘best practice principles’ and the Retirement Income Covenant to offer better transparency and accountability in the retirement phase of superannuation. If your fund says it’s “good for retirees”, it will need to show exactly how it’s good for retirees.

Why this matters for you

This shift matters because more than 2.5 million Australians will retire in the next 10 years – and maybe you’ll be one of them?

You’ve probably noticed that super funds talk a lot about performance and returns in the accumulation phase of superannuation. But unless you’re already retired, you’ve probably heard far less about what they actually do to support you during the retirement phase.

This new framework changes that. For the first time, there will be public reporting on how funds perform when it comes to helping retirees. Not just how they grow your money, but how they help you spend it wisely and sustainably – help we all probably need, right?

So what will super funds have to report?

Under the proposed rules, funds will have to tell the regulator – and eventually, the public:

• What products and services they offer to help members in retirement
• How they measure whether retirees are doing okay
• How they group members into cohorts to tailor support for different needs

This is important, because someone retiring at 60 with a $700,000 balance has very different needs from someone retiring at 67 with $120,000 and a mortgage. Until now, we’ve had little transparency on how funds actually address those differences. This reporting should change that.

The framework also aims to capture not just what’s available but what’s working. It’s not enough to offer a retirement income strategy on a glossy webpage, funds will need to show whether real people are actually benefiting from it.

It’s not a performance test but it will be public

Unlike the MySuper performance test, the Retirement Reporting Framework won’t be used to penalise funds – there’s no pass/fail here. The aim is transparency, not punishment.

But the information will become public from 2028, so you’ll be able to compare how different funds support their retired members. That’s a powerful motivator for funds to step up and serve us better.

What’s in it for us?

1. You’ll be able to choose a fund based on retirement outcomes, not just growth
Until now, funds were judged mostly on how well they grew your balance. This new framework will let you compare how well they use that balance to support you once you stop working.

2. You’ll have more power to ask questions
Want to know what your fund is doing for retirees like you? Soon, you won’t have to take vague answers. Instead, there will be published reports showing what’s on offer and how many members actually use it.

3. You’ll be able to hold your fund accountable
If your fund claims it’s retirement-ready but hasn’t delivered any tools, advice or product options, you’ll know. And you can switch if another fund is doing better.

4. You’ll be able to plan more confidently
Knowing what your fund offers in retirement – and how other people use it – helps you plan your own future more clearly. It takes the guesswork out of one of life’s biggest transitions and gives you better transparency in order to find the right fund for your needs.

What should you do now?

The new framework is still in the consultation phase (submissions close 5 September 2025), but here’s what you can do in the meantime:

• Ask your fund how it supports members in retirement
What products are available? Is there an income stream option? Any guidance or tools?

• Find out what advice is available to you
Many funds now offer free or low-cost advice, even if you’re not retiring tomorrow. Don’t wait until you’re packing up your desk to find out what the retirement phase of superannuation looks like.

• Start thinking about what you want from retirement
Do you want flexibility? Regular income? Help navigating age pension entitlements? A good fund will support all of that and soon they’ll need to prove it.

For too long, the super system has treated retirement like a final chapter to figure out later. This new framework helps bring it front and centre. How your money works after you stop working matters just as much as how it grew while you were earning it.

Start planning now with Citro’s Pre-retirement Game Plan:

This article contains general information only. It is not financial advice and is not intended to influence readers’ decisions about any financial products or investments. Readers’ personal circumstances have not been taken into account and they should always seek their own professional financial and taxation advice that takes into account their financial circumstances, objectives and needs.

^{Feature image: iStock/Miljan Živković}

More about how retirement income works:

• Understanding superannuation and how retirement income works
• 3 enriching phases of superannuation: what you should know
• Don't think you'll have enough money to retire? Here are your options

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