Superannuation

Question 10. What changes, if any, should be made to the Superannuation Guarantee scheme, to remove barriers to work for mature age persons?

Question 11. The Superannuation Industry (Supervision) Regulations 1994 (Cth) prescribe age-based restrictions on voluntary contributions. Members cannot:

(a) make voluntary contributions from age 65 until age 75 unless they meet a work test; or

(b) make voluntary contributions from age 75.

What effect do these restrictions have on mature age participation in the workforce? What changes, if any, should be made to these regulations to remove barriers to work for mature age persons?

Question 12. The Superannuation Industry (Supervision) Regulations 1994 (Cth) prescribe age-based restrictions in relation to members splitting contributions with a spouse and making contributions to a spouse’s fund. Members cannot:

(a) split contributions for a spouse aged 65 and over;

(b) split contributions for a retired spouse of preservation age and over;

(c) make spouse contributions for a spouse aged 70 and over; or

(d) make contributions for a spouse aged 65 but under 70 unless the spouse meets a work test.

What effect do these restrictions have on mature age participation in the workforce? What changes, if any, should be made to these regulations to remove barriers to work for mature age persons?

Question 13. In what ways, if any, does the age restriction on government co-contributions in the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 (Cth) create barriers to work for mature age persons? What changes should be made to the Act to remove such barriers?

Question 14. What effect, if any, does the increased concessional contributions cap for persons aged 50 years and over have on mature age participation in the workforce?

Question 15. What effect, if any, does the ‘bring forward rule’ (in relation to the non-concessional contributions cap) have on mature age participation in the workforce? What changes should be made to this rule to address barriers to such participation?

Question 16. The age settings for access to superannuation benefits are:

(a) 55 years increasing to 60 years for ‘preservation age’—when persons may access superannuation if retired; and

(b) 65 years for unrestricted access to superannuation.

The Australia’s Future Tax System Review recommended that the preservation age be raised to 67 years. In what ways, if any, do existing age settings provide incentives for retirement for mature age persons, rather than continued workforce participation? What changes should be made to address these incentives?

Question 17. In practice, how do the ‘transition to retirement’ rules encourage continued mature age participation in the workforce? What changes, if any, should be made to these rules to encourage continued workforce participation?

Question 18. In practice, do persons of preservation age have sufficient access to the ‘transition to retirement’ rules? If not, what measures could improve such access?

Question 19. What changes, if any, should be made to the taxation of superannuation benefits to remove barriers to work for mature age persons?

Question 20. What other changes, if any, should be made to superannuation laws, including tax laws, to remove barriers to mature age participation in the workforce?