A More Flexible and Adaptable Retirement Income System
Attachment A: Impact on underlying cash balance of the retirement income initiatives ($m)
2003-04 |
2004-05 |
2005-06 |
2006-07 |
2007-08 |
|
|---|---|---|---|---|---|
Expense measures |
|||||
Reduce assets test exemption for complying income streams to 50 per cent and allow market linked complying pensions |
-1.1 |
-2.3 |
28.1 |
59.4 |
96.4 |
Revenue measures |
|||||
Allow market-linked complying pensions |
- |
-0.1 |
-0.2 |
-0.4 |
-0.5 |
Remove work test for those below age 65 |
- |
12.8 |
-34.5 |
-40.1 |
-45.9 |
Simplify work test for those aged between 65 and 75 |
- |
.. |
.. |
.. |
.. |
Require compulsory cashing of benefits at age 75 |
- |
-1.3 |
3.3 |
3.1 |
3.3 |
Remove requirement for actuarial certificates for allocated pensions |
- |
- |
- |
- |
- |
Preserve employer ETPs which are rolled over into a superannuation fund |
- |
* |
* |
* |
* |
Transition to retirement |
- |
- |
* |
* |
* |
Simplifying SG notional earnings base provisions |
- |
-10.0 |
-15.0 |
-21.0 |
-24.0 |
TOTAL |
-1.1 |
-0.9 |
-18.3 |
1.0 |
29.3 |
* The nature of this measure is such that a reliable estimate cannot be provided.
.. Not zero but rounded to zero.
- Nil.
Next: Attachment B: Government improvements to the retirement income system since being elected in 1996
Previous: Government initiative
©
Commonwealth of Australia 2004
ISBN 0 642 74231 6