As the population ages, increasing importance is being placed on the provision of retirement income through superannuation. For many people, most superannuation contributions are made by their employer under the Superannuation Guarantee, introduced in 1992 at 3-4% of a person's wage or salary, and increasing to 9% in 2002-03.
Superannuation is closely linked to employment and, because the nature of people's employment can affect their ability to accrue sufficient superannuation for their retirement, this may influence the age at which they retire.
RECEIPTS OF BENEFITS FROM SUPERANNUATION
About 15% of Tasmanians who were 'retired', that is, they were no longer working and did not intend to work in the future, were receiving some income from superannuation or annuities in the period April to June 2000. Some 20% of 'retired' males and 11% of 'retired' females received income from superannuation or annuities.
Some 4% had received a lump sum in the previous 12 months, and another 33% had received a lump sum more than 12 months previously. (Some had both received a lump sum and were receiving income from superannuation or annuities).
RETIRED PERSONS(a), Superannuation Income and Lump Sum Payments, Tasmania - 2000
|Whether receiving income from superannuation or annuities|
|Did not receive income|
|Whether has received a lump sum from a superannuation fund in past 12 months|
|Received a lump sum payment in past 12 months |
|Received a lump sum payment more than 12 months ago|
|Never received a lump sum from a superannuation fund but has worked for 2 weeks or more|
* estimate has a relative standard error of between 25% and 50% and should be used with caution
(a) Aged 15 to 69 years.
Source: ABS data available on request, Survey of Employment Arrangements and Superannuation.