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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.
Lawyer in Profile
Associate
+61 3 9258 3247
stephen.dyason@maddocks.com.au
Qualifications: LLB, Deakin University
Stephen is a member of Maddocks Commercial team. He is a corporate and commercial lawyer, who assists clients across a diverse range of industries including financial services, consumer markets and manufacturing in a wide variety of legal matters.
His experience includes:
- mergers and acquisitions,
- corporate reorganisations, and
- general commercial law work.
He focusses on drafting, advising on and negotiating contracts, transactions and agreements for clients and also assists with providing general corporate advice.
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