Australian Government, The Treasury -

Review of Pensions in Small Superannuation Funds

Terms of Reference

The Government has been advised, including by the Government Actuary, of a number of concerns with the provision of defined benefit pensions in small superannuation funds, namely:

The Government has established a team to address these concerns and review the provision of pensions in small superannuation funds.

The review will examine options for small superannuation funds to provide pensions to their members, including consideration of:

The review will be conducted by a team within the Department of Treasury, including a representative from the Australian Government Actuary’s Office, and will consult with industry and other stakeholders, superannuation regulators and the Department of Family and Community Services.

An initial round of consultation will aid Treasury in developing a discussion paper. The Treasury discussion paper will outline key issues and canvass options and is expected to be released by the end of the year [2004]. Following further consultation, Treasury will report to Government by April 2005.