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The lump sum RBL applied to most people. Generally, the higher pension RBL applied to people who took 50% or more of their benefits in the form of pensions or annuities that met certain conditions (for example, restrictions on the ability to convert the pension back into a lump sum). [35] RBLs were abolished from 1 July 2007. [36]
While taxable components do not change the tax payable by the superannuation fund, they may be a factor in calculating the tax payable on withdrawals from a super fund. Non-concessional contributions (also referred to as "undeducted" or "after-tax" contributions) are contributions for which no-one has or will receive a tax deduction.
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria.It is an industry super fund, and so operates through a mutual fund structure.. With over A$ 340 billion of retirement savings under management and more than 3.4 million members, AustralianSuper is the largest superannuation fund in Australia and the sixteenth largest pension fund in the world.
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Examples include: Wayne Swan (Chair of CBUS), Greg Combet (Chair of Industry Super Australia), and Paul Schroder (AustralianSuper). [5] [6] Members of the Liberal Party and aligned conservative political commentators have criticised the relationship. [7]
The Australian Retirement Trust was founded on 28 February 2022 following the merger between Sunsuper and QSuper. [3] It was the largest superannuation fund merger in Australian history.
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund.
Paul Schroder (born 1966 or 1967 [1]) is a former trade union official, and current chief executive of AustralianSuper, Australia's largest superfund by assets under management. [2] [3] [4] [1] Paul spent 20 years working in the Australian union movement before joining AustralianSuper. During this time he worked for the Finance Sector Union. [5]