Govt rethinks retirement legislation

federal government assistant treasurer chairman

24 June 1999
| By Stuart Engel |

The Federal Government has moved to amend legislation which could have frozen some investment earnings on income streams for retirees.

The move by the Government follows questions raised by the Australian Retirement Income Streams Association (ARISA) over the implications of the proposed changes.

The Federal Government has moved to amend legislation which could have frozen some investment earnings on income streams for retirees.

The move by the Government follows questions raised by the Australian Retirement Income Streams Association (ARISA) over the implications of the proposed changes.

Chairman Kieren Dell says ARISA raised the issue with the Government as to whether the implications of the proposed legislation were in-tentional. After consultation, it was established that the implica-tions were unintentional and amendments were announced by assistant treasurer Rod Kemp.

Prior to the amendments to the legislation, which is due to be en-acted on July 1, earnings from retirement income streams on non-preserved superannuation taken before age 65 would have to have been preserved until the retiree turned 65.

"The Government realised that the situation it would create would be ridiculous," Dell says.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 6 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 5 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 4 days ago