OECD Labour Market and Social Policy Occasional Papers

Discontinued
ISSN: 
1815-1981 (online)
DOI: 
10.1787/18151981
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This series is designed to make available to a wider readership selected labour market and social policy studies prepared for use within the OECD. Authorship is usually collective, but principal writers are named. The papers are generally available only in their original language - English or French - with a summary in the other.
 

Private Pensions in OECD Countries

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English
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    http://oecd.metastore.ingenta.com/content/5lgsjhvj7t44.pdf
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Author(s):
Hazel Bateman1, John Piggott1
Author Affiliations
  • 1: University of New South Wales, Australia

01 Jan 1997
Bibliographic information
No.:
23
Pages
90
DOI: 
10.1787/774368522640

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As most other OECD Member countries had already done, Australia has, since 1991, supplemented an existing flat-rate universal (but means-tested) residence-based old-age pension by a compulsory earnings related second tier for employees known as the "Superannuation Guarantee". However, it was the first Member country in which the favoured format of participation in the second tier is in the form of pure "money purchase" schemes in which benefits are determined solely by the amount which accumulates in individual accounts. Benefits are predominately paid as lump-sums on retirement, although tax arrangements are being changed to encourage beneficiaries to purchase annuities.

This report, compiled by two Australian experts, describes this system and its relation to pre-existing tax-advantaged voluntary provision, which only covered one-third of employees but remains predominant in terms of assets accumulated and benefits payable.

The report discusses the sources of retirement ...

 
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