Following the Federal government’s announcement to review the current retirement income system, it has now released the terms of reference.
The Treasurer Josh Frydenberg stated that the review will allow us to better understand the way in which the core areas of retirement income being super, the aged pension and private savings interact to provide those entering retirement with income.
Mr Frydenberg further commented that “The review will cover the current state of the system and how it will perform in the future as Australians live longer and the population ages.”
The three panellists selected by the government to head up the review are SMSFA chair Deborah Ralston, former Treasury official Michael Callaghan along with Future Fund and Scentre Group board member Carolyn Kay.
It is anticipated that a consultation paper will be released in November 2019. The final report of the review’s findings is expected to follow by June 2020.
The inquiry will concentrate on considering the current system and whether it is providing sufficient retirement funds to most Australians in a way that public spending can sustain into the future.
Further updates will follow as the review progresses.