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Committee reports on inquiry into planning for retirement.

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Committee Reports on Inquiry into Planning for Retirement

The Chair of the Senate Select Committee on Superannuation, Senator John Watson (Liberal, Tasmania), today tabled out of session the Committee’s report on Planning for Retirement.

Senator Watson said: ‘Planning for retirement is a major issue in Australia. Mature age redundancy and unemployment clearly have major implications for economic growth and productivity in Australia, but closer to home, they have devastating impacts on the lives and families of so many older Australians. Socially and economically, Australia would gain enormously from promoting a more progressive transition from work to retirement.’

The Committee’s report includes a number of recommendations aimed at promoting a more progressive transition from work to retirement in Australia, including:

• Promoting part-time work as a stepping-stone in the transition from work to retirement; • Changing the superannuation and Government income support systems to encourage and assist mature age workers to remain in the workforce; • Reforming the retirement income system, including promoting lifetime or term-

certain complying annuities/pensions on retirement; and • Increasing awareness of the need to plan early for retirement.

Senator Watson highlighted in particular the Committee majority’s recommendations for reform of the retirement income payment system, and the desirability of moving away from the taking of lump sums on retirement in favour of complying annuities. In the opinion of the Committee majority, this is a necessary and natural reform as the superannuation system matures and superannuation savings grow.

For further details, contact:

For comment: Senator John Watson, Chair 03 6331 4544 (Launceston,Tasmania)

For information: Stephen Frappell, Acting Secretary 02 6277 3533

29 July 2003