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Australia makes large scale pension reforms on par with UK

Australia makes large scale pension reforms on par with UK

The Australian government has announced wide-ranging pension reforms that are already being likened in scale to UK chancellor George Osborne's radical pension freedom changes. Treasurer Scott Morrison, in his first budget on 3 May, set out an alteration to the amount that can be contributed to Australia's superannuation by introducing a lifetime non-concessional cap of A$500,000 (£260.5k, $381.2k, €331.9k) to replace the existing caps of A$180,000 a year or $540,000 over three years. Please link to International Adviser to read the full article by Mark Battersby.

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