Australia's Mandatory Retirement Saving Policy
Author | : Hazel Bateman |
Publisher | : |
Total Pages | : 28 |
Release | : 2000 |
Genre | : Pension trusts |
ISBN | : 9780733417016 |
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Author | : Hazel Bateman |
Publisher | : |
Total Pages | : 28 |
Release | : 2000 |
Genre | : Pension trusts |
ISBN | : 9780733417016 |
Author | : Hazel Bateman |
Publisher | : |
Total Pages | : 66 |
Release | : 1994 |
Genre | : Pension trusts |
ISBN | : |
Author | : Hazel Bateman |
Publisher | : |
Total Pages | : 30 |
Release | : 1996 |
Genre | : Pension trusts |
ISBN | : 9780733414947 |
Author | : Garry Barrett |
Publisher | : |
Total Pages | : 21 |
Release | : 2007 |
Genre | : |
ISBN | : |
Author | : Lisa Marriott |
Publisher | : CCH Australia Limited |
Total Pages | : 273 |
Release | : 2010 |
Genre | : Business & Economics |
ISBN | : 1921701145 |
This book addresses one of the most important social and economic issues in modern welfare states: public policy for retirement savings. It explores the events, environment and personalities that combined to form the current policy arrangements in Australia and New Zealand.
Author | : Hazel Bateman |
Publisher | : Cambridge University Press |
Total Pages | : 278 |
Release | : 2001-11-20 |
Genre | : Biography & Autobiography |
ISBN | : 9780521484718 |
Forced Saving, first published in 2001, offers an analysis of pension policy from an economic perspective. It begins with an overview of the problem of population ageing around the world, and then provides a framework within which policy responses may be consistently assessed. It focuses on the 'mandating' approach to retirement income policy, in which governments are compelling individuals - or their employers - to take on this responsibility, at least in part. The role of government becomes limited to one of mandating contributions from wages, along with regulating private fund managers to a greater or lesser extent. The authors explore the implications of introducing such a policy reform. They argue that while there is no universal agreement on the relative costs and benefits of this policy approach, there are often some advantages to moving at least some distance down the mandating path.
Author | : Malcolm L. Edey |
Publisher | : |
Total Pages | : 35 |
Release | : 1996 |
Genre | : Capital market |
ISBN | : |
Australia is in the early stages of introducing a system of self-provision for retirement through mandatory contributions to private superannuation funds. For most employees, the scheme will eventually replace, either fully or partially, the government age pension, currently relied upon by a large majority of retirees. The scheme has been implemented reasonably smoothly by building on existing financial infrastructure for voluntary superannuation. This paper summarises the historical background of mandatory superannuation in Australia, reviews its potential impact on saving and capital markets, and highlights some remaining policy issues. Perhaps the most important of these is the impact of the system on retirement decisions. A number of features of the system contribute to incentives favouring early retirement and continued reliance on the government pension. Also important is the increasing complexity of the system, a result of the layering of rule changes and grandfathering of existing rights at each stage of the process.
Author | : Samuel Pienknagura |
Publisher | : International Monetary Fund |
Total Pages | : 52 |
Release | : 2021-09-10 |
Genre | : Business & Economics |
ISBN | : 151359611X |
Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Author | : John Daley |
Publisher | : |
Total Pages | : |
Release | : 2018-11-06 |
Genre | : |
ISBN | : 9780648331179 |
Author | : Rafal Chomik |
Publisher | : |
Total Pages | : 24 |
Release | : 2020 |
Genre | : |
ISBN | : |
Australia has an atypical retirement income system: it comprises a flat-rate, non-contributory, affluence-tested age pension, and a mandatory, defined contribution accumulation plan to which employers must contribute 9.25 percent (moving to 12 percent) of wages on behalf of their employees. We briefly compare the Australian and US economies and demographies, and then describe the Australian arrangements and assess its econ efficiency and efficacy in delivering retirement support. We focus especially on the means testing of the first pillar in Australia and the mandated membership of pre-funded private pension plans. We conclude by considering insights for the evolution of the US pension reform debate as demographic change unfolds.