Australia’s Demographic Challenges, Australian Government, The Treasury.

 
Please note: The contents of this site are archived resources and are made available for reference only. For general enquiries please contact department@treasury.gov.au. Website issues and feedback please use our webmaster feedback form.

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 50percent 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