Actuaries Welcome Review of Superannuation Source: IAA 'News Releases' 11th May 2000 This material is reproduced by permission but does not purport to be the official or authorised version. The accuracy of the content is not guaranteed. Please rely only on the authorised document. The Institute of Actuaries of Australia warmly welcomes the announcement by the Treasurer, Mr Peter Costello, that the Government is planning to review superannuation. The President of the Institute, Dr David Knox, agreed with Mr Costello's comments yesterday that the taxation of superannuation is very complicated and, that as a result, it is poorly understood by most Australians. "There is no doubt that this complexity hinders the efficient operation of the industry as well as creating a disincentive for many Australians to save for their retirement" said Dr Knox. "We believe that in developing its proposals for a Review of superannuation the following features need to be considered: 1. That the Review be an open review conducted by a panel of experts and not held through the Senate Select Committee or an Inter Departmental Committee. This approach is important in order to ensure that the Review comes up with the best results possible and to present a perception from the various stakeholders and the community that a comprehensive job has been carried out. 2. That the Review go beyond the taxation of superannuation. Whilst we recognise that the taxation of superannuation is very complex and needs simplification, it is also important that the Government's retirement incomes policy be thoroughly reviewed in the context of changing labour markets, changing retirement intentions, the ageing population, and integration with the Social Security system. 3. That a timetable for the Review be established as soon as possible so that other related issues (such as choice of fund) can be taken into account when establishing the terms of reference for the Review". Further details: Institute of Actuaries of Australia Phone: (02) 9233 3466 Web site: New site coming soon Submit an Article to the Newsroom DISCLAIMER: Supercorp Australia Pty Ltd and its officers and employees, disclaim all and any liability and responsibility to any person for any act or consequence or omission in respect of the above information. No person should rely on the contents of this information without obtaining advice from a qualified professional. Copyright © 1999-2002 - Supercorp Australia Pty Ltd - ABN 92 063 307 700