Can New Zealand and Australia Get Closer On Retirement Income Policy?
|
|
- Donna Carson
- 8 years ago
- Views:
Transcription
1 Can New Zealand and Australia Get Closer On Retirement Income Policy? Peter Neilson, Chief Executive Financial Services Council Presentation to ANZIIF Life Insurance Conference pm, Thursday 23 May 2013 Elliott Room, Crowne Plaza Hotel Albert Street Auckland
2 2 Australia has an income and asset tested age pension What and since the 1992 Report the Superannua7on is Not About Guarantee with compulsory contribu7ons. New the Zealand next 20 has years NZ Superannua7on so if you are already that is not income retired or or asset soon tested will and be, since it is not 2008, about voluntary you. KiwiSaver. What are the prospects of the two systems becoming more similar and what is the feasibility of including a base level of life and income protec7on cover in KiwiSaver?
3 3 Some numbers to put the current vulnerability of New Zealanders into focus For New Zealanders: made redundant. the next 20 years so if you are already 26% would not be able to pay their bills aoer just one week. Only 15% say they have sufficient savings to last six months if they were 54% have insufficient savings to last 4 weeks aoer being made redundant. Only 9% of New Zealanders think NZ Super ($349 per week maximum aoer tax for an individual and $537 for a couple) is sufficient to re7re on. (Horizon Dec 2012) Only 15% of New Zealanders have income protec7on insurance. (Horizon Oct 2012) The majority of New Zealanders are financially living close to the edge and unemployment, sickness or re7rement could put them quickly over that edge.
4 4 Retirement in the 20 th Century Funding retirement incomes in 1955 Over 65 population less than 300,000 Life expectancy at years for males and 16.9 years for females. Seven working age people support one pensioner. Age pensions cost 3% of GDP when the universal pension was available from 65. Retirement in the 21 st Century Funding retirement incomes in 2055 Over 65 population reaches almost 1.7 million. Life expectancy at years for males and 33.9 years for females. Two working age people support one pensioner. Age pensions will cost 9-10% of GDP if the age of eligibility for NZ Superannuation stays at 65.
5 The Current Pensions Gap with Australia Net Replacement Rate* Australia and New Zealand current net rearement income replacement rates at different income levels Times average wage Australia New Zealand Source: replacement rate is the percentage of your previous earnings that your pension delivers from the compulsory system in the respec<ve countries 15A
6 The Pension Gap with Australia in 2055 Assuming No New Zealand Policy Change New Zealand NZS pension in 2055 Australia pension for someone retiring in 2055 having earned the median income Ratio (AU/NZ) Retirement income Australia pension for someone retiring in 2055 in Australia having earned the average income Ratio (AU/NZ) Dollars $NZ $A * $A ** % per capita GDP 34% 52% % % 7.2% % 9.9% 1.34 Average % 9.2% 1.44 Contributions *This table compares the compulsory re<rement systems in both countries. Australia has its age pension and its Superannua<on Guarantee whereas New Zealand has New Zealand Superannua<on and no compulsory re<rement savings scheme. ** The ra<o of Australian and New Zealand incomes assumes an exchange rate of $NZ1 = $A0.85, close to average value since Source: Coleman (2012) Source: Australian Treasury 6
7 7 the next 20 years so if you are already Source: Comparison of the New Zealand and Australian Re<rement Income Systems Ross Guest 2013 Con7nued...
8 8 the next 20 years so if you are already Source: Comparison of the New Zealand and Australian Re<rement Income Systems Ross Guest 2013
9 9 the next 20 years so if you are already Source: Comparison of the New Zealand and Australian Re<rement Income Systems Ross Guest 2013
10 10 Best AGributes of the Australian ReArement Income Policy It will at maturity provide Australians with much be`er pensions in terms of What maintaining the previous Report levels of income is Not into About re7rement with the current 9% contribu7ons rate, lioing to 12% over the balance of this decade. It recognises that savings that produce compound returns are unfairly treated without compensa7ng tax changes, that is a lower tax rate on re7rement the next savings 20 within years the fund. so In if Australia, you are the nominal already tax rate on earnings in a superannua7on account is 15% and the effec7ve rate is even lower. It has made the Australian economy more resilient, less reliant on foreign capital and by increasing the amount of domes7c savings, lowered interest rates and the Australian currency, while boos7ng investment per employee to increase labour produc7vity and incomes. Increased the financial security of Australian employees by including a base level of life cover within the Superannua7on Guarantee Scheme. Australia has made the decision to move out its age of eligibility for the age pension from age 65 to 67 by 2020.
11 11 Worst AGributes of the Australian ReArement Income Policy The basic Age Pension is not sufficient on its own to keep most Australians out of poverty in re7rement but over 7me this will no longer the next be a problem 20 years as the so Superannua7on if you are already Guarantee system matures lioing re7rement incomes well above the Age Pension level. The income and assets tests on the Australian Age Pension discourages the labour market par7cipa7on of those aoer age 65, discourages savings and strongly incen7vises moving savings into areas to escape the income and assets tests. The overall system has such complexity that it appears to need con7nuous change.
12 12 Best AGributes of the New Zealand ReArement Income Policy The first 7er pension NZ Superannua7on is the most generous in the developed world and provided you own your own home debt free at re7rement, it will keep you out of absolute poverty. the next 20 years so if you are already The absence of an asset or income test on the basic pension provides a strong incen7ve to con7nue working, if that is your 2. choice, Relitigating and to save the without debate reducing about your pension. National KiwiSaver has achieved 2 million voluntary par7cipates, no one has lost a dollar in KiwiSaver during the worst financial market crisis in more than 70 years. Overall the system is fairly simple to understand and operate.
13 13 Worst AGributes of the New Zealand ReArement Income Policy Most New Zealanders will not find themselves on a comfortable income by What the 7me they get Report to re7rement is on a Not combina7on About of NZ Superannua7on and voluntary KiwiSaver contribu7ons. Only 9% of New Zealanders think NZ Superannua7on on its own is enough to re7re on, only a li`le over half of New Zealanders are ac7ve KiwiSaver contributors and most are at the 6% level which is insufficient to fund a comfortable re7rement income at around the next 20 years so if you are already 2 7mes NZ Super. Most New Zealanders will get to re7rement regrefng that they did not save 2. enough Relitigating for re7rement. the Procras7na7on debate and about iner7a, National along with underes7ma7ng our likely longevity means that even the well inten7oned frequently end up with inadequate re7rement savings. New Zealand has the most nega7ve tax regime for re7rement savings through intermediated financial products that the FSC has been able to find. The Savings Working Group was advised by the Treasury that the effec7ve tax rate on rental property in New Zealand was 15 to 20% according to the marginal tax rate of the investor, whereas the effec7ve tax rate on KiwiSaver or other PIE products was 50%.
14 How we 80.0 will provide retirement incomes in 70.0 NZ: the next 20 years so if you are already 60.0 NZ: retired 50.0 or soon will be, it is not about NZ: 65+ you. % Labour Force ParAcipaAon Rate Comparing New Zealand and Australia Aus: Aus: Aus: Source: SNZ and ABS, unweighted means of quarterly and monthly data respec<vely
15 How the Systems Could Become More Similar 1. On the age of eligibility for NZ Superannua7on moving out with longevity, I think most New Zealanders see that as inevitable and will change when there is next a change of Government. 2. There is a less chance that New Zealand would adopt the Australian asset and income tests, although the New Zealand Treasury is looking at gradually replacing NZ Super with KiwiSaver, that would require income tes7ng NZ Super if it was to reduce Government expenditure in 1. the How future. we will provide retirement incomes in gradually the increasing next 20 the contribu7on years rate so to if 10% you of incomes. are This already level of contribu7ons 3. There is wide public support for making KiwiSaver universal or compulsory for employees and would enable all New Zealanders to achieve an income in re7rement of at least 2 7mes the level of NZ Super. 4. In New Zealand most people with a mortgage have a life insurance policy to repay their mortgage in the case of their premature death but less than 20% of New Zealanders have income protec7on insurance. In contrast, we all have ACC cover for accidents when we are 2.6 7mes more likely to be off work for six months or more because of sickness rather than an accident. When we produced our Pensions for the Twenty First Century report last year, we es7mated that life cover and income protec7on cover could be bundled into KiwiSaver for about 1% of income premium. A future Government may decide to extend KiwiSaver in this way if it becomes universal and help avoid hardship claims making withdrawals from KiwiSaver. AOer age 45 the dispersal of rates across the popula7on would probably make bundling income protec7on insurance infeasible, but the 1% of income could then be used to purchase more individually tailored coverage, including possibly advanced purchase of supported care. 15
16 16 How the Systems Could Become More Similar 4. Neither countries systems currently require part of the re7rement lump sum to be taken in the form of a fixed term pension. This will eventually be recognised as essen7al if we are to have income security in our 20 to 30 year re7rement. the next 20 years so if you are already re7rement retired in or KiwiSaver soon rather will than be, inves7ng it is in not rental about property. you. If we 5. New Zealand will need to address the tax disadvantages of saving for don t address this anomaly we will con7nue to bid up land prices and under invest in areas that will increase the countries produc7on. The FSC has work underway on how a level playing field could be achieved between KiwiSaver and rental property investments. The wedge is made up from the effec7ve exemp7on for capital gains for most private rental property investments, the deduc7bility of both the real and the nominal components of interest and the taxa7on as income of the return of capital from compounding return investment products.
Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
More informationContact us. Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au. Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au. www.kpmg.com.
Contact us Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au www.kpmg.com.au No reliance This report should not be regarded as suitable
More informationSubmission to the Tax White Paper Taskforce review of Australia s retirement income system
24 July 2015 Submission to the Tax White Paper Taskforce review of Australia s retirement income system About the NWRN The NWRN is the peak body for community legal services which provide legal advice
More informationAustralian Superannuation Transfer Guide
Australian Superannuation Transfer Guide Contents Page Making an informed decision 3 How do I know if I have Super in Australia? 3 How do I know if my Australian Super can be transferred? 4 Why should
More informationAn update on the level and distribution of retirement savings
ASFA Research and Resource Centre An update on the level and distribution of retirement savings Ross Clare Director of Research March 2014 The Association of Superannuation Funds of Australia Limited (ASFA)
More informationHOME EQUITY RELEASE THE FOURTH PILLAR OF RETIREMENT FUNDING. Christine Brownfield
HOME EQUITY RELEASE THE FOURTH PILLAR OF RETIREMENT FUNDING Christine Brownfield 20 th November 2014 Our Retirement Income System The Age Pension Compulsory Superannuation Voluntary Superannuation + Other
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 2008
More information31 March 2015. Senior Adviser Financial System and Services Division The Treasury Langton Crescent PARKES ACT 2600 by email: fsi@treasury.gov.
Good Super Reply Paid 3528 Tingalpa DC QLD 4173 Phone: 1300 788 658 info@goodsuper.com.au www.goodsuper.com.au 31 March 2015 Senior Adviser Financial System and Services Division The Treasury Langton Crescent
More information1 The Terrace, PO Box 3724, Wellington 6140 Tel: (04) 472-2733 Email: savingsworkinggroup@treasury.govt.nz
1 The Terrace, PO Box 3724, Wellington 6140 Tel: (04) 472-2733 Email: savingsworkinggroup@treasury.govt.nz Document: Aligning the Tax Rates on PIEs and Other Investments Author: [Inland Revenue] Date:
More informationPEOPLE FOCUS June 2010 Willis New Zealand Ltd
PEOPLE FOCUS June 2010 Willis New Zealand Ltd THE LAUNCH OF WILLIS PEOPLE RISK Willis People Risk is the new name for the Willis Employee Benefits Division. The new name has been adopted to reflect the
More information7 Reasons Why Property
7 Reasons Why Property Investment can t be ignored. Know your options before it s too late. What is in this report? This report is a must read for anyone looking to improve their lifestyle and enjoy greater
More informationBring your Australian super home. ANZ KiwiSaver Scheme ANZ Default KiwiSaver Scheme
Bring your Australian super home ANZ KiwiSaver Scheme ANZ Default KiwiSaver Scheme If you ve worked in Australia at any time since 1992, you may have some Australian super tucked away. You can transfer
More informationwww.fsc.org.nz The tax barrier to retirement prosperity in New Zealand
www.fsc.org.nz The tax barrier to retirement prosperity in New Zealand The tax barrier to retirement prosperity in New Zealand Contents Executive Summary page 3 1 The Tax Barrier to Retirement Prosperity
More information1. INTRODUCTION 2. EXECUTIVE SUMMARY 3. SUBMISSIONS. Loretta DeSourdy Head of Regulatory Affairs Westpac New Zealand Limited PO Box 691 Wellington
BT FUNDS MANAGEMENT (NZ) LIMITED AND WESTPAC NEW ZEALAND LIMITED Submission to the Commission for Financial Literacy and Retirement Income on the 2013 Review of Retirement Income Policy 10 June 2013 Mariëtte
More informationSaving with SSRSS and KiwiSaver
Saving with SSRSS and This information is based on legislation current at 1 April 2013. Save with SSRSS Effective 1 October 2008 the SSRSS stopped accepting applications for membership. The SSRSS schemes
More informationUnderstanding Superannuation
Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation
More informationNew Zealand Superannuation and KiwiSaver
New Zealand Superannuation and KiwiSaver Dr Brian McCulloch Green Paper on Pensions Learning from International Experience Conference Dublin, May 29 th, 2008 The New Zealand policy framework is built
More informationSuper and your retirement. Page 1
Super and your retirement Page 1 When we think about our retirement, we naturally imagine quite an ideal scenario. Living an active life in comfort and style. However the truth is, unless we make decisions
More informationNEW ZEALAND S RETIREMENT INCOMES CHALLENGE MARCH 2012
SECURING SECURINGRETIREMENT RETIREMENTINCOMES INCOMES NEW ZEALAND S RETIREMENT INCOMES CHALLENGE MARCH 2012 CONTENTS 1 New Zealand s Retirement Incomes Challenge 2 Could NZ be the next Greece? Learning
More informationHow To Understand The Economic And Social Costs Of Living In Australia
Australia s retirement provision: the decumulation challenge John Piggott Director CEPAR Outline of talk Introduction to Australian retirement policy Issues in Longevity Current retirement products in
More informationThe Cypriot Pension System: Adequacy and Sustainability
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 49-58 (2012) 1450-4561 49 The Cypriot Pension System: Adequacy and Sustainability Philippos Mannaris Aon Hewitt Abstract The fundamental objective of pension
More informationFunding retirement. Carsten Murawski
10 Funding retirement Carsten Murawski A few years ago, a survey asked several hundred Americans what they feared more: death, or running out of money during retirement. Three out of five respondents stated
More informationAustralian superannuation: an equitable and sustainable arrangement in a post crisis world?
The Association of Superannuation Funds of Australia Limited ABN 29 002 786 290 ASFA Secretariat PO Box 1485, Sydney NSW 2001 p: 02 9264 9300 (1800 812 798 outside Sydney) f: 1300 926 484 w: www.superannuation.asn.au
More informationAge Pension & Retirement Incomes. Catherine Nance PricewaterhouseCoopers 2008
Age Pension & Retirement Incomes Catherine Nance PricewaterhouseCoopers 2008 Age Pension & Retirement Incomes Where do we want to be Where are we now Solutions Policy options Capital market options Australia
More informationMEETING THE RETIREMENT INCOME CHALLENGE APRIL 2013
MEETING THE RETIREMENT INCOME CHALLENGE APRIL 2013 INTRODUCTION The Australian retirement system is generally regarded globally as being well advanced, ranking third in the 2012 Mercer Melbourne Global
More informationComparison of Provisions and Schemes of Employees Protection in Hong Kong and other Jurisdictions
LC Paper No. CB(1)259/01-02(06) Comparison of Provisions and Schemes of Employees Protection in Hong Kong and other Jurisdictions Severance payment/ 1 Hong Kong Severance payment (for dismissal by reason
More informationSavings and Term Investment Accounts. Savings made easy, however you choose to do it.
Savings and Term Investment Accounts Savings made easy, however you choose to do it. If you re looking for a savings account we have different types you can choose from, each slightly different to fit
More informationThe path to retirement success
The path to retirement success How important are your investment and spending strategies? In this VIEW, Towers Watson Australia managing director ANDREW BOAL reports on investing for retirement success
More information2 Voluntary retirement module specification
2 Voluntary retirement module specification As part of its research on Superannuation Policy for Post-Retirement the Commission has developed a model referred to as the Productivity Commission Retirement
More informationHow are you saving for your future? ANZ KiwiSaver Scheme
How are you saving for your future? ANZ KiwiSaver Scheme INVESTMENT STATEMENT 17 SEPTEMBER 2015 1 Important information (The information in this section is required under the Securities Act 1978.) Investment
More informationRetirement Saving in Australia
Garry Barrett UNSW Yi-Ping Tseng University of Melbourne November 2006 Overview Outline of Presentation 1 Introduction 2 Social Security in Australia 3 Voluntary private retirement saving 4 Mandated private
More informationContributing the Family Home to Super
Contributing the Family Home to Super An innovative proposal designed to assist with the accommodation and income needs of older Australians wishing to remain in their own homes. Abstract There has been
More informationUnderstanding insurance
Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published
More informationChallenger Retirement Income Research. How much super does a retiree really need to live comfortably? A comfortable standard of living
14 February 2012 Only for use by financial advisers How much super does a retiree really need to live comfortably? Understanding how much money will be needed is critical in planning for retirement One
More informationCareer transition guide. We empower you. westernpacific.com.au
Career transition guide We empower you. westernpacific.com.au Contents Introduction 3 Coming to terms with redundancy 3 Assessing your financial position 4 Securing employer payments 5 Redundancy and your
More informationSupplementary Submission on Retirement Income to the Tax Review. August 2015
Supplementary Submission on Retirement Income to the Tax Review August 2015 1 Introduction National Seniors welcomes the opportunity to provide a brief supplementary paper on Australia s retirement income
More informationWhat should I think about in making up my mind, whether I should transfer my Aussie Super to New Zealand?
Australian super Choose SuperLife for your KiwiSaver scheme If you have a balance in an Australian superannuation scheme 1, you may transfer it to your KiwiSaver Account under SuperLife. I have a super
More informationDragan Savic. 12 August 2013
FSC Deloitte Future Leaders Award 2013 Australia s ageing population What existing policy settings could be changed, or new polices implemented, to better insulate Australia from the future economic impacts
More informationInsurance through your super
Insurance through your super Review my cover Save on insurance through Super $ TPD insurance income protection Death We insure many aspects of our lives: house, car, health, life, even pets. Of all of
More informationD1.03: MORTGAGE REPAYMENT OVERVIEW
D1.03: MORTGAGE REPAYMENT OVERVIEW SYLLABUS Repayment mortgages Repayment profile Interest only mortgages Full and low cost endowment mortgages Unit-linked endowment mortgages ISA mortgages Pension mortgages
More informationPensions for the Twenty First Century: Retirement Income Security for
Pensions for the Twenty First Century: Retirement Income Security for Younger New Zealanders You are invited to read this report and engage in one of the most important conversations of our time. The report,
More informationAMP Limited reports third quarter cashflows, AUM and Australian wealth protection update
23 October 2015 AMP Limited reports third quarter cashflows, AUM and Australian wealth protection update AMP Limited today reported cashflows, assets under management (AUM) and an update on its Australian
More informationILO-RAS/NET/Vanuatu/R.2. Vanuatu. Report on the implementation of the Health Insurance Scheme in Vanuatu
ILO-RAS/NET/Vanuatu/R.2 Vanuatu Report on the implementation of the Health Insurance Scheme in Vanuatu International Labour Office, 2006 Contents 1. Introduction 3 2. Background: Health expenditure in
More informationHow much insurance cover?
How much insurance cover? We consider life and TPD insurance coverage to be family protection it is about protecting your family. Life Insurance The purpose of life insurance is to provide your dependants
More informationUnderstanding insurance Version 5.0
Understanding insurance Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. This document
More informationAustralia: Retirement Income and Annuities Markets. Contractual Savings Conference April 2008 Greg Brunner
Australia: Retirement Income and Annuities Markets Contractual Savings Conference April 2008 Greg Brunner Pension system Age pension in place since 1908, funded on a payas-you go basis Means testing. The
More informationUnderstanding Insurance
Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. Important
More informationSubmission to the Taxation Review Panel. Adequate, fair, sustainable, and simple: Retirement incomes reform. ACOSS, February 2009
ACOSS Submission February 2009 Submission to the Taxation Review Panel Adequate, fair, sustainable, and simple: ACOSS, February 2009 Table of Contents Summary... 1 Directions for reform... 2 1. Adequate...
More informationA super waste of money
A super waste of money Redesigning super tax concessions April 2015 ISSN 1836-9014 Matt Grudnoff Policy Brief About TAI The Australia Institute is an independent public policy think tank based in Canberra.
More informationANZ Mortgage Protection. Because your mortgage payments don t stop if your income does.
ANZ Mortgage Protection Because your mortgage payments don t stop if your income does. What if you couldn t pay your home loan? We insure our cars, our homes and other assets but what about our ability
More informationIT S MORTGAGE REVERSE A SIGN OF THE TIMES
IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.
More informationWellard Superannuation Better Tax Submission
Justification for Superannuation Wellard Superannuation Better Tax Submission It is well documented that Australia has an aging population and consequently less workers will be available to support the
More informationMember Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme
Member Booklet: RBF Tasmanian Accumulation Scheme Information in this booklet is current as at 1 July 2015 Table of contents About the RBF Tasmanian 2 Accumulation Scheme How super works Benefits of investing
More informationCHAPTER 4 - TAX PREFERENCES FOR SUPERANNUATION AND LIFE INSURANCE SAVINGS
45 CHAPTER 4 - TAX PREFERENCES FOR SUPERANNUATION AND LIFE INSURANCE SAVINGS 4.1 Introduction In general, superannuation and life insurance have not been subject to the normal income tax treatment for
More informationActuaries Institute Submission
29 May 2015 Tax White Paper Task Force The Treasury Langton Crescent PARKES ACT 2600 Email: bettertax@treasury.gov.au Dear Sir/Madam Actuaries Institute Submission The Actuaries Institute welcomes the
More informationKASPANZ-KIWI SAVER, ANNUITIES AND SUPERANNUATION PROTECTION ASSOCIATION NEW ZEALAND INCORPORATED
1 2013review@cflri.org.nz. E-mail submission KASPANZ-KIWI SAVER, ANNUITIES AND SUPERANNUATION PROTECTION ASSOCIATION NEW ZEALAND INCORPORATED Reference the 2013 CFLRI Review and the terms of reference.
More informationCapital Gains Tax HIGHLIGHTS. Introduction SECTION 1 - DETAIL AT A GLANCE. Policy 2014. The Capital Gains Tax will:
Policy 2014 Capital Gains Tax HIGHLIGHTS The Capital Gains Tax will: Not apply to the family home. Be set at a simple low flat rate of 15%. Only be applied to gains accrued after implementation past gains
More informationPopulation Ageing and the Role of the State. Affording Our Future Conference 10-11 December, 2012
Population Ageing and the Role of the State Affording Our Future Conference 10-11 December, 2012 Entitlement Reform Old and Broke: 1 Old International comparisons of demographic changes present challenges.
More informationMake your move for a secure fi nancial future GESB FINANCIAL ADVICE
Make your move for a secure fi nancial future GESB FINANCIAL ADVICE ISSUE DATE: 1 July 2012 Who needs fi nancial advice anyway? Financial advice isn t just for those breathing the rarefi ed air. It s for
More informationLabour Market Responses to the Abolition of Compulsory Superannuation. by Louise Carter 1
Labour Market Responses to the Abolition of Compulsory Superannuation by Louise Carter 1 Economics Program School of Economics and Commerce University of Western Australia Abstract: This paper aims to
More informationBSI residential mortgages. Flexible, competitive solutions exclusively for our clients
BSI residential mortgages Flexible, competitive solutions exclusively for our clients Enjoy your property investment, both now and in future, with BSI. 3 BSI, A PARTNER YOU CAN COUNT ON For more than a
More informationCOMPARISON OF THE NEW ZEALAND AND AUSTRALIAN RETIREMENT INCOME SYSTEMS
COMPARISON OF THE NEW ZEALAND AND AUSTRALIAN RETIREMENT INCOME SYSTEMS Background paper prepared for the 2013 review of retirement income policy by the Commission for Financial Literacy and Retirement
More informationHow super works. MySuper. Member Booklet Supplement. 1 July 2015
Member Booklet Supplement How super works July 205 The information in this document forms part of the First State Super Member Booklets (Product Disclosure Statements) for: Employer Sponsored members dated
More informationKey Findings ASIC Report 419. Australian Financial Attitudes and Behaviour Tracker Wave 1: March August 2014
ASIC Report 419 Wave 1: March August 2014 Australian Securities and Investments Commission December 2014 Contents INTRODUCTION 3 KEY FINDINGS 9 Financial attitudes 10 Keeping track of finances 11 Planning
More informationMLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide
MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide Preparation date 1 July 2015 Issued by The Trustee, MLC Nominees Pty Limited (MLC) ABN 93 002 814 959 AFSL 230702 The
More informationCPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015
CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July
More informationCancer: Insurance, Legal and Employment Issues
INFORMATION SHEET This Information Sheet aims to provide some guidelines about your insurance and legal options as a result of being diagnosed with cancer. This information is very general and to get the
More informationCPA Australia Tax and Social Security Guide: 2013-2014
CPA Australia Tax and Social Security Guide: 2013-2014 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July
More informationAustralia s Future Tax System Preliminary Submission from the Institute of Actuaries of Australia
21 October 2008 AFTS Secretariat The Treasury Langton Crescent PARKES ACT 2600 Email: AFTS@treasury.gov.au Dear Sir/Madam Purpose Australia s Future Tax System Preliminary Submission from the Institute
More informationThe Economists Voice
The Economists Voice Volume 2, Issue 1 2005 Article 8 A Special Issue on Social Security Saving Social Security: The Diamond-Orszag Plan Peter A. Diamond Peter R. Orszag Summary Social Security is one
More informationNew Zealand Portfolio Investment Entity (PIE) After-tax Performance Calculation Methodology. Morningstar Methodology Paper May 2011
New Zealand Portfolio Investment Entity (PIE) After-tax Performance Calculation Methodology Morningstar Methodology Paper May 2011 Morningstar calculates the after-tax return for PIE funds as a simulation
More informationCan Equity Release Mechanisms fund long term care costs? Desmond Le Grys
2001 Health Care Conference Can Equity Release Mechanisms fund long term care costs? Desmond Le Grys 1 Introduction 1.1 Scope This paper attempts to explain why equity release products have rarely been
More informationPersonal. Personal insurance. Protection for all life stages. Financial solutions. For life.
Personal Personal insurance Protection for all life stages Financial solutions. For life. Contents Protecting your well-being and your family s 3 Why leave anything to chance? 4 Making it easier for you
More informationHow To Save For Retirement
Booklet 1 Getting the best out of your superannuation savings MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Saving through super 08 How a super fund works 09 How
More informationKiwiSaver employer guide
KS 4 MAY 2015 KiwiSaver employer guide What employers need to know about KiwiSaver WHAT IS KIWISAVER? KiwiSaver is a voluntary, work-based savings initiative designed to make regular saving for retirement
More informationRetirement made easy. Helping you achieve your retirement goals. rest.com.au/restpension 1300 305 778
Retirement made easy Helping you achieve your retirement goals rest.com.au/restpension 1300 305 778 Helping you achieve your retirement goals As you near retirement you probably have a number of questions
More informationA condensed history of public and private provision for retirement income in New Zealand - 1975-2008
A condensed history of public and private provision for retirement income in New Zealand - 1975-2008 RPRC PensionBriefing 05/2008 -------------------------------------------------------------------------------------------------------
More informationStudent Loan Scheme Amendment Bill (No 2) A briefing note prepared for the Finance and Expenditure Committee
Student Loan Scheme Amendment Bill (No 2) A briefing note prepared for the Finance and Expenditure Committee Policy Advice Division, Inland Revenue 13 November 2012 Student Loan Scheme Amendment Bill (No
More informationLife insurance and TPD cover. Protect their tomorrows
Life insurance and TPD cover Protect their tomorrows Life cover and Total and Permanent Disablement (TPD) cover provide you with the comfort of knowing that a lump sum will be paid if you were to die,
More informationHome Ownership and Superannuation White Paper
Home Ownership and Superannuation White Paper This paper contains general advice about our superannuation products and has been prepared without taking account of your objectives, financial situation or
More informationKiwiSaver: New Zealand s New Subsidized Retirement Savings Plans
NOTES KiwiSaver: New Zealand s New Subsidized Retirement Savings Plans by Barbara E. Kritzer The author is with the Division of Program Studies, Office of Research, Evaluation, and Statistics, Office of
More informationWestpac Personal Superannuation Fund.
Westpac Personal Superannuation Fund. Annual Report for the year ended 30 June 1 Features at a glance. 2 Investment Overview. 4 Investment Options. 5 Investment Option profiles. 10 Performance. 12 Fees
More informationStart-Up Income Protection. If you mean business, you ll be ready for anything
Start-Up Income Protection If you mean business, you ll be ready for anything WHY CHOOSE SOVEREIGN? Sovereign is New Zealand s leading life insurance company. More New Zealanders in business are insured
More informationThe Institute of Public Accountants. Review of retirement income stream regulation
The Institute of Public Accountants Review of retirement income stream regulation 5 September 2014 Introduction Benefits and Regulation Unit - Personal and Retirement Income Division The Treasury Langton
More informationThe Future of Australia - An Accounting Analysis
What is an intergenerational report? An intergenerational report assesses the long term sustainability of Commonwealth finances. It examines the impact of current policies and trends, including population
More informationTIME FOR ACTION. CPP Expansion: A critical part of the solution. Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014
TIME FOR ACTION CPP Expansion: A critical part of the solution Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014 Debate has intensified on how best to help Canadians plan for retirement
More informationNew Zealand s long-term care arrangements, and a cross-country comparison
New Zealand s long-term care arrangements, and a cross-country comparison From RPRC s Working Paper 2012-2: Financing of Long-term Care and Long-term Care Insurance for the Aged: A Comparison of Seven
More informationTerry White Chemists Superannuation a sub plan of FirstChoice Employer Super
July 2013 Page 1 Contents Category 1 - Permanent and Part Time staff working more than 15 hours per week Benefits in Brief...1 Getting Started...1 Your Investment Choices...2 Benefits of Insurance Cover...2
More informationTAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014
TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income $0 - $18,200 Nil Tax Payable $18,201 - $37,000 19% of excess over $18,200 $37,001
More informationInsurance and estate planning. A Financial Planning Technical Guide
Insurance and estate planning A Financial Planning Technical Guide 2 Insurance and estate planning Introduction 4 General insurance 4 Private health insurance 4 Personal insurance 5 Business insurance
More informationThe New Zealand Superannuation and Retirement Income (Pro Rata Entitlement) Amendment Bill
1New Zealand First - Option 3 The New Zealand Superannuation and Retirement Income (Pro Rata Entitlement) Amendment Bill Sponsored by Denis O Rourke New Zealand First MP 2New Zealand First - Option 3 NZ
More informationA Financial Planning Technical Guide
Insurance and Estate Planning A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents Introduction 1 General insurance 1 Private health insurance
More informationPersonal Tax Cuts Fact Sheet
Personal Tax Cuts Fact Sheet The government is introducing a three-year programme of personal tax cuts starting from 1 April 2009. These changes are in addition to the tax cuts that came into effect on
More informationContact us. Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au. Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au. www.kpmg.com.
Contact us Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au www.kpmg.com.au No reliance This report should not be regarded as suitable
More informationPEOPLE FOCUS PEOPLE RISK &EMPLOYEE BENEFITS UPDATE IN THIS EDITION
PEOPLE FOCUS March 2011 Willis New Zealand Ltd PEOPLE RISK &EMPLOYEE BENEFITS UPDATE Welcome to the March 2011 edition of our People Risk & Employee Benefits publication PEOPLE FOCUS IN THIS EDITION In
More informationAustralians and life insurance: misinformed, misinsured?
Australians and life insurance: misinformed, misinsured? Research Whitepaper February 2014 Australia s life underinsurance problem is as significant as it is well documented. Rice Warner s Underinsurance
More informationRetirement planning. Facilitator s guide. brought to you by the commission for financial capability
Retirement planning Facilitator s guide brought to you by the commission for financial capability Welcome to the Facilitator s guide Thinking about retirement is the first step you need to take to achieve
More informationTABLE OF CONTENTS: PART A: EXAMPLES
TABLE OF CONTENTS: PART A: EXAMPLES Compound interest calculations Example 1: Determine the future value of a single payment (lump sum)... 3 Example 2: Determine the annual rate of interest earned by an
More informationAustralia. Qualifying conditions. Benefit calculation. Defined contribution. Key indicators: Australia. Australia: Pension system in 2014
11. PENSIONS AT A GLANCE 215: COUNTRY PROFILES AUSTRALIA Australia Australia: Pension system in 214 Australia s retirement income system has three components: a means-tested Age Pension funded through
More information