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Registered |
January 2025 |
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Expected completion of consultation |
February 2025 |
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Consultation status |
Consultation will commence in January 2025. |
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Consultation purpose |
To seek feedback on whether public advice and guidance is needed for new law concerning legacy retirement product commutations and reserve allocations. |
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Description |
On 7 December 2024 law came into effect that allows individuals to exit legacy retirement products and changes the treatment of allocations from reserves for contribution cap purposes. Individuals have a 5 year period to fully commute defined benefit legacy pensions that were previously non-commutable. Certain reserve allocations count toward the non-concessional cap instead of the concessional cap. |
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Who we are consulting |
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Consultation lead |
Melissa Gardiner, Superannuation and Employer Obligations |