Life insurers have backed the federal government’s plans to reform the superannuation system.

The Council of Australian Life Insurers says the proposed reforms, like changes to encourage innovative retirement products, will lead to better consumer outcomes.

“This is a big win, especially for the 5 million people who are currently in, or preparing for, retirement,” CEO Christine Cupitt said. “We welcome the federal government’s announcement, which will help Australians better navigate what can be a complex life stage.”

Treasurer Jim Chalmers announced the measures last week, targeting the retirement phase of the super system.

Under the plan, the Australian Securities and Investments Commission will lead an education campaign for people approaching or already in retirement. New resources will start rolling out in the first half of next year.

The government will also consult on legislative changes that it hopes will start from July 2026.

“These changes will empower more Australians to make the most of their superannuation through more trusted information, better products and greater transparency,” Mr Chalmers said.

“We are working to ensure there is as much of a policy and product focus on the retirement phase as there is on the accumulation phase.”