Sensible taxation and policy reform is needed to safeguard retirees' living standards and to reduce future budget pressure, actuaries believe.
In response to the tax discussion paper, the Actuaries Institute has recommended more clarity and certainty around superannuation taxation arrangements and retirement incomes policy.
Actuaries Institute president, Estelle Pearson, said, "Superannuation should not be out of bounds for revision and review".
"Via a summit or an independent panel of experts, the Government should be taking advice that will halt the obvious and perplexing discrepancies that are emerging in current policy and which are confusing many workers and retirees," she said.
The Actuaries Institute has recommended the Government consider introducing a lifetime cap of around $2.5 million on superannuation savings that can be transitioned into a super income stream that pays no tax on investment earnings.
This will lower the high-earner 30 per cent concessional tax rate to incomes above $180,000 from the current $300,000, and easing pension eligibility restrictions linked to the sale of the family home.
"There is little to be gained by favouring piecemeal changes which frustrate and confuse Australians who are saving for their retirement or trying to enjoy their retirement years without being too much of a burden on the community," Pearson said.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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