Changes to pension payment provisions
Draft regulations to allow more flexibility with various pensions
- extend the maximum term of the market linked pension (and life expectancy pensions) so that payments can continue until the recipient reaches age 100
- allow annual payments of market-linked pensions to vary plus or minus ten percent of the amounts calculated under current payment rules
- update allocated pension drawdown factors in line with up to date life expectancies.
The draft regulations are open for comment until 16 November. Once these draft regulations are finalised it is anticipated that they will come into effect on 1 January 2006 and the Cleardocs Deed will be updated accordingly at that time.
Leigh Baring
Partner
Phone: 03 9288 0555
Leigh is a partner in the Maddocks Tax & Revenue team.
Leigh regularly provides advice on:
- structuring of businesses and transactions;
- mergers and acquisitions;
- corporate reorganisations and distributions;
- sale of businesses;
- demergers;
- capital raisings;
- joint ventures and property developments;
- international tax (both inbound and outbound);
- succession planning; and
- liquidations.
His advice covers both direct and indirect tax considerations.
Leigh advises Australian and multinational companies, high net worth individuals, accountants and financial advisers on all areas of taxation law.
The legal information and commentary on this site is general only. Documents ordered through Cleardocs affect the user's legal rights and liabilities. To assess their suitability for the user, legal accounting and financial advice must be obtained.
