AUSTRALIA - The future fund Bill passed through Senate today, targeted at saving taxpayers around A$7bn by 2020.
The creation of the future fund will enable the government to make provision for the superannuation liabilities associated with the past and present service of public sector employees.
Finance minister Nick Minchin [pictured] said government had already announced an initial deposit of $18bn would be made to the fund, and would receive further injections from future surpluses and the proceeds of asset sales.
The legislation passed today meant the fund’s annual earnings would be reinvested and that money could not be drawn from the fund until the unfunded superannuation liability had either been matched, or until the year 2020.
That provision for the unfunded superannuation liability is expected save future taxpayers around $7bn in annual budget payments by 2020.
By Damian Clarkson
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.