Retirement ‘boost’ schemes to punch $480m hole in federal budget

详细摘要

The schemes, widely labelled as “pension bonus” or “boost” offerings – make up nearly $21.5 billion of assets under management at prominent super fund providers.

Popular products designed to artificially trim superannuation balances and max out pension entitlements will punch a $480 million hole in the federal budget between now and 2036, costing taxpayers another $250 million the year after and doubling from there, according to Treasury forecasts.

The projections, relayed to The Australian Financial Review, will put the $4.8 trillion sector on notice for an imminent crackdown. Wealth managers are braced for changes to these schemes – widely labelled as “pension bonus” or “boost” offerings – which make up nearly $21.5 billion of assets under management at prominent groups such as AMP, MLC and Colonial First State.

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