- Treasurer’s press release confirmed
- Contribution ages aligned with age pension age
- Work test and bring forward contributions to be allowed
The government confirmed in the 2019 Federal Budget that the press release issued by the Treasurer on April 1 - which could have been mistaken as an unusual political April Fool's joke.
There are two changes:
1. The maximum age for non-work test and three-year bring forward contributions will be allowed for those aged under 67.
2. Spouse contributions will be permitted until a spouse is aged under 75; the no-work test requirement will apply for all those aged under 67.
This effectively means that contribution age will match the age pension age, which is increasing to 67 (this age will apply for new age pension applicants after June 2023).
The start date for this measure will be 1 July 2020.
Will the superannuation retirement age increase?
Retirees can take all superannuation benefits as soon as they reach 65. At this point, it does not appear that this age will be altered.
Will the maximum preservation age increase?
The preservation age increases to 60 for all those born after July 1964. This is the age at which preserved super benefits can be taken upon permanent retirement. The government has not announced any change to this date.
2019 Federal Budget
More coverage on the 2019-20 Federal Budget.Find out more