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Intergenerational Report points to super issues
The Federal Government has used the release of the 2015 Intergenerational Report today to reinforce the fact that it is closely examining income streams as one of its key mechanisms for improving post-retirement incomes while relieving pressure on the age pension.
The report has also left open the possibility of changes to the superannuation tax regime as part of the review of the tax system.
The Intergenerational Report makes clear that superannuation remains at the heart of Government retirement incomes policy, but also reflects on the degree to which even as people's super balances improve, there is unlikely to be any discernible decline in the number receiving at least a part pension.
The report also points to the inevitably of people having to remain longer in the workforce before being able to access the age pension and their superannuation.
"As more Australians receive compulsory superannuation contributions for longer periods of their working lives, they are likely to retire with higher superannuation balances. This will have important implications for reliance on payments made through the Age Pension," the Intergenerational Report said.
However it also noted that "the proportion of part-rate pensioners relative to full-rate pensioners is expected to increase" and that "the proportion of retirees receiving any pension is not projected to decline".
"An ageing population also underlines the importance of considering the overall adequacy of our retirement incomes system — which combines compulsory and voluntary superannuation, and the Age Pension as a safety net," it said.
"The Government will consider several aspects of the superannuation system as part of the review of the tax system. The Government is also considering improving the way in which the superannuation system transforms savings into retirement income streams," the report said.
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