Post by Banjo on Oct 25, 2017 11:47:25 GMT 7
Australia
Overall Index Score: 77.1
Australia’s retirement income
system comprises a means-tested
age pension (paid from general
government revenue); a mandatory
employer contribution paid into
private sector arrangements (mainly
DC plans); and additional voluntary
contributions from employers,
employees or the self-employed paid
into private sector plans.
The overall index value for the
Australian system could be
increased by:
introducing a requirement that
part of the retirement benefit must
be taken as an income stream
increasing the labour force
participation rate at older ages as
life expectancies rise
introducing a mechanism to
increase the pension age as life
expectancy continues to increase
increasing the minimum access
age to receive benefits from
private pension plans so that
access to retirement benefits is
restricted to no more than five
years before the age pension
eligibility age
The Australian index value fell
slightly from 77.9 in 2016 to 77.1 in
2017 primarily due to a reduction
in the household saving rate and
the inclusion of the new economic
growth question in the sustainability
sub-index.
www.mercer.com.au/content/dam/mercer/attachments/asia-pacific/australia/mmgpi-2017/au-2017-mmgpi-report.pdf?utm_medium=referral&utm_source=web&utm_campaign=mmgpi#page20
Overall Index Score: 77.1
Australia’s retirement income
system comprises a means-tested
age pension (paid from general
government revenue); a mandatory
employer contribution paid into
private sector arrangements (mainly
DC plans); and additional voluntary
contributions from employers,
employees or the self-employed paid
into private sector plans.
The overall index value for the
Australian system could be
increased by:
introducing a requirement that
part of the retirement benefit must
be taken as an income stream
increasing the labour force
participation rate at older ages as
life expectancies rise
introducing a mechanism to
increase the pension age as life
expectancy continues to increase
increasing the minimum access
age to receive benefits from
private pension plans so that
access to retirement benefits is
restricted to no more than five
years before the age pension
eligibility age
The Australian index value fell
slightly from 77.9 in 2016 to 77.1 in
2017 primarily due to a reduction
in the household saving rate and
the inclusion of the new economic
growth question in the sustainability
sub-index.
www.mercer.com.au/content/dam/mercer/attachments/asia-pacific/australia/mmgpi-2017/au-2017-mmgpi-report.pdf?utm_medium=referral&utm_source=web&utm_campaign=mmgpi#page20