Private Pensions in OECD Countries : Australia

Hazel Batemani ; John Piggotti iUniversity of New South Wales

Organisation for Economic Co-operation and Development

DOI  :  https://doi.org/10.1787/774368522640

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

As most other OECD Member countries had already done, Australia has, since 1991, supplemented an existing flat-rate universal (but means-tested) residence-based old-age pension by a compulsory earnings related second tier for employees known as the “Superannuation Guarantee”. However, it was the first Member country in which the favoured format of participation in the second tier is in the form of pure “money purchase” schemes in which benefits are determined solely by the amount which accumulates in individual accounts. Benefits are predominately paid as lump-sums on retirement, although tax arrangements are being changed to encourage beneficiaries to purchase annuities.This report, compiled by two Australian experts, describes this system and its relation to pre-existing tax-advantaged voluntary provision, which only covered one-third of employees but remains predominant in terms of assets accumulated and benefits payable.The report discusses the sources of retirement ...