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Govt leaves options open on more pension relief
The Federal Government has flagged it may be open to implementing a longer-term answer to the temporary relief provided with respect to draw-downs for account-based pensions.
Announcing the regulations underpinning the relief, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, said the Government would be monitoring market conditions and would examine options for longer-term solutions following the Henry Tax Review.
The regulations, the Superannuation Industry (Supervision) Amendment Regulations 2009, reduce the minimum payment amounts for account-based, allocated and market linked pensions by 50 per cent for 2008-09.
Sherry said the temporary relief addressed concerns that the minimum drawdown requirement for the current financial year was based on account balances at July 1, last year, when equity values were higher.
He said the relief of the regulations removed any doubt that pension payments could cease for the remainder of this financial year where the pension had already paid out half of the previous minimum.
AUTHOR
Mike Taylor
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