Treasury has released a consultation paper on the retirement income review (or click here for a PDF version).

The independent review, recommended by the Productivity Commission, established a panel that has been tasked with establishing a fact base — that is, it will not be making “recommendations”.

The review is intended to help improve understanding of how the Australian retirement income system is operating and how it will respond to an ageing society. It will identify:

  • how the retirement income system supports Australians in retirement
  • the role of each pillar in supporting Australians through retirement
  • distributional impacts across the population and over time, and
  • the impact of current policy settings on public finances.

The review starts by establishing that the present retirement system consists of three pillars, which ensures all Australians have some income support in old age, and encourages individuals to make provisions during their working lives to support their retirement needs.

The three pillars of Australia’s retirement income system consist of: Readmore