The Institute, together with other related and unrelated parties, is part of a defined benefit pension plan (Public Service Super
annuation Act pension plan) that satisfies the definition of a multi-employer plan.
The banks are seen aiming at the twin targets of deeper and broader domestic currency fixed income market and higher opportunities for long-term investments for pension and other super
annuation funds.
The banking, super
annuation and insurance sectors come under the remit of the APRA, and the acts relating to these sectors frequently crossover, according to the report.
The government miscalculated how much needs to spent on costs such as National Insurance and super
annuation."
Whether this could be done without making
annuation compulsory is, however, problematic give n the asymmetric information problems that bedevil a voluntary annuity market.
Exemption to the incomes of provident, gratuity and super
annuation funds, regimental service funds and old age benefit institutions is being exempted for the benefit of the retired.