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Thursday, 10 February 2022

The retirement phase will no longer be the poor cousin to the accumulation phase in Australia’s superannuation system after Parliament approved new laws to protect the interests of retirees.

Aware Super, the fund with the greatest proportion of members in the retirement phase, has welcomed Parliament’s move today to pass the Retirement Income Covenant into law. 

Chief Executive Deanne Stewart said the reforms would help ensure super funds prioritised the needs of all their members – not only those saving and preparing for retirement, but also those already in retirement. 

“This law makes it explicit that funds need to give the same attention to the retirement phase as they do to the accumulation phase, and ensure members get the best possible outcomes right throughout their lives,” Ms Stewart said.

“The whole point of the superannuation system is to help Australians retire with dignity – to help them have their best possible retirement. The retirement phase is fundamental to the system, yet for a long time, in parts of the sector, it has been something of an afterthought.

“It’s incumbent on every super fund to give the retirement phase the attention it deserves, and to prioritise retirement income strategies. We’re pleased to see this imperative enshrined in law.”

Aware Super has $155 billion in funds under management, including more than $30 billion in retirement phase. 

Ms Stewart said that just as retirement income strategies were pivotal to helping people retire with dignity, it was also vital retirees and those planning for retirement had access to personalised help, guidance and advice.

“It’s important Treasury’s Quality of Advice Review, which is soon to commence, considers how best to ensure all Australians receive the support they need as they plan for and enjoy their retirement,” she said. 

For media enquiries, contact:

Peter Taylor, External Communications Specialist

t:  0487104313


Note to Editors

Previously known as First State Super, we changed our name to Aware Super in September 2020.

Aware Super is a name that reflects our members and what we stand for. It echoes the strengths of our past, aligning to our purpose to be a force for good in superannuation, retirement, and advice, driving better outcomes for our members, their families, and communities. 

Aware Super has been the fund for people who value community since 1992, and we’re now one of Australia’s largest funds and continuing to grow. We merged with VicSuper and WA Super in 2020 and now manage $155 billion in savings for more than 1 million members located across the country.

Our members work in roles that breathe life into their communities and they expect us to do the same. So, we invest in assets that we believe will make a positive difference today – improving our communities, building a more a sustainable economy and supporting employment both locally and globally at the same time as providing strong long-term returns. 

Discover how we’re helping members do well financially while doing good in the world: Visit