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Living to age 120, the pensions dilemma and other defined benefit conundrums presentation

Published on 29 Aug 13 by NATIONAL DIVISION, THE TAX INSTITUTE

This presentation draws from the Institute of Actuaries’ White Paper titled the “Longevity tsunami” which addressed problems arising from the fact that people will be living a lot longer than they expect. The paper has contributed to a wide ranging community discussion on the implications of the so called “longevity problem” which has resulted in, among other things, Treasury adopting a more aggressive view on longevity, and changes in the tax status of various deferred annuity products.The presentation addresses various social and financial issues including:??

  • living to 120 will become the norm??
  • current issues for dealing with defined benefit pensions??
  • products that can protect against financial strains caused by longevity??
  • funding issues for a pension-only fund
  • ??debate on who should carry the financial burdens of longevity.

Author profile:

Barry Rafe
Barry is a Principal of Rafe Consulting and advises senior management of financial services firms on strategy, governance and high- level operational issues. Barry is also a presenter on governance at the Australian Institute of Company Directors. Barry is a past president of the Actuaries Institute and has held senior consulting positions as a strategy partner at Accenture, was and head of the financial services practice at Trowbridge Consulting. Barry has also held senior management positions with AMP and Mellon Bank. Current at 29 August 2013
 

This was presented at National Superannuation Conference.

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Living to age 120, the pensions dilemma and other defined benefit conundrums

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SMSF issues and the ATO

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