Defined Benefit Pensions

UNFAIR TREATMENT OF DEFINED BENEFIT PENSIONS AND THE TREASURY LAWS AMENDMENT (BETTER TARGETED SUPERANNUATION CONCESSIONS AND OTHER MEASURES) BILL 2023

At the time the Committee was seeking submissions with respect to this Bill, the regulations relating to how the Bill would apply to defined benefit pensions were not available.  They were not made available by the Treasury until 15 March 2024.  ACPSRO did, however, make an earlier submission to the Government in respect of the Bill (April 2023).

Having now studied the proposed regulations, our view is that Defined Benefit (DB) pensions are not in receipt of the several concessions that apply to funds accumulated under the Superannuation Guarantee (SG) arrangements and therefore should not be included within the ambit of the proposed legislation.

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