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.