Further to the answer to part (4) of question 3158 (Hansard, 13 May 2004, page 28553), can he explain why the Government will not change its superannuation policy to enable Australia’s police officers to retire at the age of 55 years with access to superannuation benefits.

The superannuation preservation age is to increase from age 55 to 60, commencing in 2015. A review on whether police should be exempt from the new superannuation preservation rules was recently undertaken by Treasury and independently chaired by Mr Gary Potts.

The review found that police are not in a unique position insofar as they are affected by the increase in the preservation age and that issues specific to the police force would be better dealt with by targeted responses by police employers.

The review recommended that no special exemption to the preservation age be made for police officers on the basis that the preservation age is a community-wide standard and to lower the age would erode this universal element of the Government’s retirement income policy, central to dealing with the key long-term challenge of the ageing population. Police would also have fewer years in which to accumulate adequate superannuation benefits to fund their retirement.

The Government has accepted these findings.

Notwithstanding the above, it will remain the case that, subject to a superannuation fund’s governing rules, the superannuation law will continue to allow a person to access their superannuation benefits on termination of gainful employment at any age if it is taken in the form of a non-commutable life pension or annuity.