Now is the time to schedule your triennial retirement income strategy (RIS) review. APRA’s updated prudential standard SPS 515 (effective 1 July 2025) requires trustees to review their RIS for appropriateness, effectiveness and adequacy at least every three years. In practice, most funds are locking in their review program for FY26–FY28 to align with business planning cycles.
Quick rewind — when did funds need a RIS in place?
Trustees were required to formulate a RIS and publish a website summary by 1 July 2022 under the Retirement Income Covenant.
What APRA expects in a triennial RIS review
APRA’s guidance (SPG 515) and materials point to a review that checks whether your RIS:
- Is fit-for-purpose for your membership and operating model;
- Responds to external conditions and key risks (longevity, investment, inflation);
- Is achieving intended member outcomes; and
- Can be evaluated with enough quality data and information to measure success.
- Makes appropriate provisions for any relevant service providers which offer retirement assistance to members.
Timelines at a glance:
- By 1 July 2022: RIS needed to be formulated and summary published on the website.
- From 1 July 2025: SPS 515 requires a triennial review (appropriateness, effectiveness, adequacy). Funds should also maintain the SIS Acts “regular review” discipline in the interim.
- By 30 June 2028: complete your first triennial review cycle under SPS 515.
Regulators expect more from trustees
APRA and ASIC have repeatedly signalled dissatisfaction with early implementation and oversight of RISs:
- A 2023 joint ASIC/APRA media release following a thematic review found trustees “need to make more progress”, citing “a lack of progress and insufficient urgency”, thin metrics, and weak oversight of implementation. [1]
- APRA/ASIC’s July 2023 information report urges trustees to “address, with urgency, the gaps in their approach” and even noted “an external review may provide value by giving an independent lens.” [2]
- The Pulse Check report from July 2024 found “only incremental progress in measuring and tracking the success of retirement income strategies,” and noted many trustees still aren’t adequately tracking success. [3]
APRA’s practice guide SPG 515 also says trustees “may wish to consider” getting advice on the triennial review from an operationally independent, appropriately experienced person – underscoring the push for objectivity and quality.[4]
How McGing can help
McGing Advisory & Actuarial offers two flexible approaches to superannuation trustees:
- End-to-end triennial review — we run the full review and deliver a board-ready report and action plan.
- Independent assurance — we test your internally completed review for scope, evidence and conclusions.
Our brochure sets out the deliverables (board-ready report, traceability to SIS Act and APRA requirements, website summary check, action plan and board pack) and a pragmatic 6–10 week method and timeline. It also details the scope we cover – from document requests and interviews, data and metrics testing, to risk assessments, website summary checks and provision of final report and board pack materials.
Ready to talk?
If you would like to learn more, or to discuss a potential review for your fund – get in touch with McGing. We’ll tailor an approach to your needs so that you’re confidently APRA-ready for the triennial cycle. (See our brochure for further details).
Daniel
Daniel Bartlett is a Consultant at McGing Advisory & Actuarial and provides a wide range of services for superannuation, insurance and other financial services entities.