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17 Mar 09 Regs to halve account-based pensions' minimum payment amounts

Superannuation Industry (Supervision) Amendment Regulations 2009 (No 2) and Retirement Savings Accounts Amendment Regulations 2009 (No 2) were made on 13 March 2009 and registered on the Federal Register of Legislative Instruments on 16 March 2009 as Select Legislative Instrument 2009 Nos 46 and 45 respectively. The Regulations, respectively, amend the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997 to halve the minimum payment amounts for account-based pensions for 2008-09, in accordance with the announcement made by the Treasurer, Wayne Swan, and the Minister for Superannuation and Corporate Law, Senator Nick Sherry on 18 February 2009: see 2009 TAXVINE No 6 (20 February 2009).

In a media release issued on 16 March 2009, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced the release of regulations. Senator Sherry said: "The release of these regulations removes any doubt that pension payments can cease for the remainder of this financial year where the pension has already paid out half of the previous minimum. The Government will continue to monitor market conditions and will examine options for a longer-term solution to this issue following Australia's Future Tax System Review."

For a copy of Superannuation Industry (Supervision) Amendment Regulations 2009 (No 2), go here.

For a copy of Retirement Savings Accounts Amendment Regulations 2009 (No 2), go here.

For a copy of the Minister's media release, No 2009/022, 16 March 2009, go here.

For a copy of the Explanatory Statement, click on ES/Supp Material


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