AUSTRALIA - The Australian Government has announced it will update allocated pension drawdown factors in line with current life expectancy.
Commencing from 1 January 2006, the changes are hoped to better enable retirees to draw down their capital over their whole retirement. The minister for revenue and assistant treasurer, Mal Brough said:...
AUSTRALIA - The wheels were finally set in motion to raise the contribution limit in Australia to 12% from 9% with the introduction of a new bill today.
AUSTRALIA - The A$73.2bn ($78.2bn) Future Fund lost 2.9% in the third quarter, though moves to decrease equity exposures helped stave off more drastic losses.
AUSTRALIA - The median balanced superannuation fund has fallen for the fifth consecutive month returning -1.8%, -4.9% for the September quarter and -3.8% for the past year, SuperRatings finds.
AUSTRALIA - The merger between the A$2.4bn (US$2.5bn) StatewideSuper and the A$1.7bn Local Super will move to the next stage, beginning the due diligence process following approval in principle from the funds' major shareholders.