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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
Special Counsel
+61 3 9258 3524
paul.ellis@maddocks.com.au
Qualifications: LLB, Deakin University, BA (Political Science), Monash University
Paul is a Special Counsel in Maddocks Government and Not-for-Profit Commercial team. He specialises in:
- the establishment, governance, operations, regulation and administration of charities and other not-for-profit entities,
- in commercial arrangements for the procurement or supply of goods and services, including technology services, and
- in compliance and enforcement activities undertaken by government agencies.
Paul is Maddocks' main authority in relation to the Personal Property Securities Act 2009.
He has an in-depth understanding of the government sector, as his experience prior to Maddocks includes 13 years with the Victorian Department of Justice.
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