The Government today announced an extension to the deadline for public submissions on the Review of the provision of pensions in small superannuation funds.
"This has been a busy month for the superannuation industry, and I recognise that this review requires careful consideration. With that in mind, I'm extending the deadline for the submission date," Minister for Revenue and Assistant Treasurer, Mal Brough, said today.
"Treasury will work with those interested stakeholders and key industry groups to ensure they have sufficient time to lodge their submission.
The review arose following concerns that small funds were gaining unintended access to tax and social security benefits (particularly through the use of 'RBL compression') as well as the prudential concerns about small funds providing defined benefit pensions.
The Minister released the discussion paper for public comment on 21 January, 2005.
'The paper outlines key issues associated with small funds providing defined benefit pensions and canvasses options to address these concerns,' Mr Brough said.
Those who wish an extension for lodging their submissions should contact the Treasury review team by email via dbpensionreview@treasury.gov.au.