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Changes to pension payment provisions

The Government released draft regulations last week to amend the existing pension payment provisions concerning market-linked and allocated pensions (and life expectancy pensions) which:

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.

 

Lawyer in Profile

Kate Latta
Kate Latta
Associate
PH: 61 3 9258 3012

Kate is a lawyer in Maddocks General Commercial Team. Kate joined the firm in 2010 as a paralegal and was admitted to practice in December 2012.

Kate has been involved in acting for a range of commercial, government and professional industry clients.

Her areas of expertise include:

  • drafting and reviewing commercial contracts;
  • corporate law;
  • corporate governance;
  • mergers and acquisitions; and
  • trusts law;