The Government Mon 21.7.2014, release a discussion paper, Review of retirement income stream regulation, to investigate the regulatory barriers for retirement income stream products. The discussion paper also considers extending concessional tax treatment to facilitate deferred lifetime annuities (DLA) and the minimum annual payment amounts for account-based pensions. The Acting Assistant Treasurer said that the Government remains committed to providing self-funded retirees with confidence that their retirement savings will not run out because of inappropriate forced withdrawals. To this end, the Government is reviewing the minimum annual payment amounts for account-based pensions to assess their appropriateness in light of financial market conditions.
SUBMISSIONS are due by 5 September 2014.
Source: Acting Assistant Treasurer media release, 21 July 2014
[LTN 138, 21/7/14]