• Table of contents
• Abbreviations and acronyms
• Preface
• Summary
• 1. Introduction
• 2. Context and challenges
• 3. Adequacy
• 4. Indexation
• 5. Payment design and administration
• 6. Concessions and services
• 7. Sustainability and targeting
• Appendix A: Number of pensioners
• Appendix B: Pension payments as at 1 January 2009
• Appendix C: Supplementary entitlements available in the income support system, January 2009
• Appendix D: One-off lump-sum payments provided since 2004–05
• Appendix E: Superannuation modelling
• Appendix F: Data sources and notes
• References
• Tables and Charts

Budget 2009-10 - Pension Review Report

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Preface

The Pension Review was commissioned by the Hon. Jenny Macklin MP, Minister for Families, Housing, Community Services and Indigenous Affairs, to investigate measures to strengthen the financial security of seniors, carers and people with disability.

This report presents the Review’s findings, both in relation to its terms of reference and to the sustainability of the pension system and its role in the broader retirement income system.

The report is the culmination of nine months of research, analysis and consultation, which explored issues facing pensioners in terms of their financial security and wellbeing, and identified priority areas for pension reform. The report draws on a significant body of internal and external analysis, including technical research and modelling, and on feedback from the Review’s extensive consultation process.

A report of this breadth and quality is only possible because of the contributions of a number of people. While many individuals have contributed to the development of the report, I would particularly like to acknowledge the hard work of the talented and dedicated staff in the Pension Review Taskforce and would like to thank the following people:

• Robyn McKay, Nick Hartland, Andrew Whitecross and Ben Wallace for their leadership of the Taskforce and contributions to policy analysis and the development of the report.
• Rob Bray, Wayne Jackson, Robyn Oswald, Leonie Corver, Cathy Thebridge, Paul Miller, Jenny Thompson, Kyle Mitchell, Paul Martin, Andrew Wojciechowski, Peggy Hausknecht, Andrew Sinstead-Reid, Michelle Girvan and Steven Sue for their contributions to the analysis and research informing the Review, and for their work on drafting and editing the report.
• Fiona Sawyers, Lauren Nelson, Rose Nightingale, Joanne Harrison, Nikki Ross and Rachel Gibson for their contributions to the coordination of the Review’s consultation process and the production of the report, and for their work in supporting the Review’s governance mechanisms.

The Australia’s Future Tax System Review Panel, of which I am a member, also assisted the Taskforce to explore the interactions between the pension system and the broader retirement income system. I would like to thank my other panel members, Ken Henry AC, John Piggott, Heather Ridout and Greg Smith, for their time and expertise.

I would also like to acknowledge the contribution of members of the Review’s Reference Group, comprising Bruce Bonyhady, Ross Clare, Charmaine Crowe, Val French AM, Rhonda Galbally AO, Marion Gaynor, Bob Gregory AO, Lorna Hallahan, Joan Hughes, Gregor Macfie, Michael O’Neill, Patricia Reeve and Peter Whiteford. The Reference Group’s knowledge and experience were important in helping me clarify issues and identify priorities for reform. While the Reference Group’s input was valuable in helping shape and influence my thinking, the findings in the report are mine and should not be attributed to the Reference Group or any of its members.

Finally, I would like to thank the more than 2,000 Australian pensioners who contributed to the review through their submissions and participation in public forums and focus groups. The views and experiences of those pensioners who provided direct input through the consultations, helped shape and deepen our understanding of the issues central to the Review.

Jeff Harmer

27 February 2009

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