TheMinister for Revenue and Assistant Treasurerannounced the Review of the Provision of Pensions in Small Superannuation Funds on 5August2004.
The key tasks of the review were to address the Government’s concerns with the provision of defined benefit pensions in small superannuation funds, and to examine options for small superannuation funds to provide pensions to their members that address the Government’s concerns.
The review was conducted by a team within The Treasury, including a representative from the Australian Government Actuary. The review consulted with industry and other stakeholders, superannuation regulators and the Department of Family and Community Services
Initial submissionswere invited by 1 October 2004. The initial submissions received assisted Treasury in developing aDiscussion Paperwhich outlines key issues and options and was released on 21January2005.Submissions on the Discussion Paperwere received until mid-April 2005.
The Government’s responseto the review was announced on 27 September 2005. Exposure drafts of regulationsto give effect to the Government’s response were made available for comment by 16 November 2005. On 20 December 2005, the Government announced the release ofthe final regulationswhich take effect from 1 January 2006.