New Lessons from Australia to Improve Pension Outcomes
The Australian Government commissioned the independent Financial System Inquiry or ‘Murray Review’ to provide recommendations to improve private pensions (superannuation), as well as financial system resilience, innovation and consumer protection....
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| Format: | Brief |
| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/04/26222074/new-lessons-australia-improve-pension-outcomes http://hdl.handle.net/10986/24286 |
| Summary: | The Australian Government commissioned
the independent Financial System Inquiry or ‘Murray Review’
to provide recommendations to improve private pensions
(superannuation), as well as financial system resilience,
innovation and consumer protection. This continues
Australia’s proactive approach - regularly reviewing how to
improve a system that already has good features. The
recommendation for a clear (and legally binding) statement
of what the retirement system is trying to achieve is a
sensible move. It mirrors what is happening in a range of
World Bank projects, to start with the long-run outcomes and
then work backwards to find the best ways to achieve them,
in terms of regulation, supervision, market structure and
efficient infrastructure. This note reviews the key analysis
and recommendations from the review of the private pension
system in Australia known as the ‘Murray Review’. It
provides a commentary on the implications for pension
reforms using World Bank experience in a range of projects. |
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