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22 Jul 14 Review of retirement income stream regulation announced

In a media release issued on 21 July 2014, the Acting Assistant Treasurer, Senator Cormann, announced the release of a discussion paper entitled "Review of retirement income stream regulation". It forms the basis for public consultation on the following reviews:

  • the regulatory barriers restricting the availability of relevant and appropriate income stream products in the Australian market; and
  • the minimum payment amounts for account-based pensions, to assess their appropriateness in light of current financial market conditions.

The discussion paper also provides a basis for consultation on extending concessional tax treatment to deferred lifetime annuities.

Senator Cormann said that the Government is "committed to providing self-funded retirees with confidence that their funds will not run out because of inappropriate forced withdrawals by reviewing the minimum payment levels for account-based pensions".

The closing date for submissions is Friday 5 September 2014.

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