Number 11: Inquiries into retirement and superannuation
Inquiries into Retirement and Superannuation is a reproduction of two FaCS submissions to the Senate Select Committee on Superannuation. The first submission, lodged in July 2002, was made to the Inquiry into superannuation and living standards in retirement. The second submission, lodged in April 2003, was to the Inquiry into planning for retirement.
Part I: Department of Family and Community Services submission to Senate Select Committee inquiry into superannuation and living standards in retirement (July 2002) argues:
- that the adequacy of retirement incomes is determined by the capacity of people to earn income and to save, and by the length of time they spend in the workforce and in retirement; and
- that policy considerations in respect of retirement incomes need therefore to take into account broader social and economic trends and pressures rather than to focus on superannuation and Age Pension approaches in isolation.
Part II: Department of Family and Community Services submission to the Senate Select Committee on Superannuation inquiry into planning for retirement (April 2003) argues:
- that workforce participation for longer periods across working life gives people more options to maximize retirement savings;
- policy settings need to promote higher labour market participation and reduce premature retirement to counteract the reduction in growth of the population of working age; and
- the provision of information on planning, saving and preparing for retirement can play a critical 'early intervention' role in preparing people for and avoiding adverse outcomes in retirement.