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As recommended by the Productivity Commission in its report Superannuation: Assessing Efficiency and Competitiveness the Government is commissioning an independent Retirement Income Review.
Australia’s retirement income system is based on three pillars:
- a means-tested Age Pension;
- compulsory superannuation; and
- voluntary savings, including home ownership.
It is important that the system allows Australians to achieve adequate retirement incomes, is fiscally sustainable and provides appropriate incentives for self-provision in retirement.
The Review will establish a fact base of the current retirement income system that will improve understanding of its operation and the outcomes it is delivering for Australians. The Retirement Income Review will identify:
- how the retirement income system supports Australians in retirement;
- the role of each pillar in supporting Australians through retirement;
- distributional impacts across the population and over time; and
- the impact of current policy settings on public finances.