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superannuation
In Australia, retirement incomes are funded privately through superannuation savings or publicly through the old age pension. There are currently over 175,000 superannuation funds with total assets of around $340 billion.
The Superannuation Guarantee Scheme (SGC) was introduced in 1992, requiring employers to give prescribed levels of superannuation support for their employees. The current SGC level is 9% for the financial year ending 30 June 2005.
All contributions made into superannuation are retained in the system until a member has reached preservation age. In general you are unable to receive your preserved benefits until:
- you have reached age 65, or
- you have retired or have reached an age of between 55 and 60, depending on your date of birth (generally 55 if you were born before 1st July 1960, and 60 if you were born after 1st July 1964), or
- you are permanently incapacitated, or
- in the event of severe financial hardship, or
- on compassionate grounds, or
- on death.
Until a member has reached age 65, any superannuation benefits held on their behalf is preserved and must remain in the Australian superannuation system. On attainment of age 65, (age 55- 60 if retired) members may generally cash in their accrued benefit or roll the benefit over to a fund in their home country. The preservation rules apply to residents, non-residents and citizens of Australia.
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