Retirement Income Reform Bill (Bill 18 of 2002/03)

The Bill would introduce provisions based on proposals published in March 2000 by the Retirement Income Working Party, a group made up of academics and industry representatives. These would limit the requirement to purchase an annuity to an amount which would give the annuitant a minimum retirement income. It would provide for greater flexibility over the application of any residual fund once the minimum retirement income had been met.