The Minister of Finance announced proposals in the 2013 Budget Speech to reform the retirement industry, with a focus on governance, preservation, annuitisation and harmonisation of retirement funds.
These proposals follow a series of technical discussion papers with draft proposals that were issued in 2012, after 2012 Budget announcements by the Minister of Finance. Over the course of 2012, both formal and informal consultations were held in respect of these papers with stakeholders, including unions, industry associations, product providers, intermediary associations, and members of the public. Following on from these consultations, the Government has developed revised policy proposals for further consultation.
Brief summaries of these proposals are contained in Chapters 4 and 6 of the Budget Review 2013. This note serves to describe in more detail the policy proposals already developed, and to initiate a further consultation period in respect of them, with a closing date of 31 May 2013 for written submissions. Draft legislation to give effect to these proposals will be introduced over the course of 2013 after the consultation process has been completed.
Please click here to download the proposals for further consultation
