Australia links pension saving with retirement income in new law

The country's Treasury said it is to embed the objective of its pension system in a stand-alone Act and create accountability mechanisms alongside it to ensure the law is enforced. Australia wants to ensure the tax advantages people get on their pension savings are used to create a "fulfilling retirement", not for tax minimisation or estate planning purposes. The new law will cover Australia's so-called superannuation system, which, akin to the UK's auto-enrolment regime, is a way workers save for retirement by making contributions to a pension fund alongside their employers' contribu...