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Increasing the Preservation Age for Superannuation
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Increasing the Preservation Age for Superannuation - A Proposal
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| Are you? |
- A member or trustee of a superannuation fund? |
| At a glance: |
- An interim report by the Henry Tax review has recommended raising the preservation age at which superannuation members may withdraw benefits from their funds. |
| You should: |
- Ensure you are aware of how the proposed changes may affect you.
- Contact us if you require any clarification or advice. |
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| 1. |
In the May 2009 budget, the Government announced that the Aged Pension age would be increased from 65 to 67 for both men and women by 2023.
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| 2. |
The new Age Pension ages will be phased in from 2017 and will be raised by 6 months every 2 years.
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| 3. |
These changes were introduced to encourage older Australians to stay in the workforce longer.
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| 4. |
Interim reports by the Henry Tax Review have suggested that in order to better achieve this, the preservation age at which people are able to access their superannuation should also be raised from 55 to 65 and eventually to 67 to match the changes in the Aged Pension age.
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| 5. |
The Government has so far denied this speculation but has stated that it will consider any changes recommended in the final report by the Henry Tax Review.
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