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29 May 06 Treasury corrects incorrect information on super pensions

In a press release issued on 26 May 2006, the Treasury noted that the Australian Financial Review of the same date (‘New rules to unlock super savings’) refers to comments reportedly made by Treasury to the superannuation industry that retirees would be allowed to cash in long-term pensions and annuities. Treasury says that this is incorrect. Treasury has not indicated that existing non-commutable pensions can be cancelled as part of the Government’s plan to simplify and streamline superannuation. The Government has said that it will consult on aspects of the proposed superannuation reforms until 9 August, after which it will make final decisions on the reforms.

For a copy of the Treasury press release, No 5 of 2006, 26 May 2006, go here

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