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Some implications of changing the tax basis for pension funds

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  • Margaret E. Atkinson
  • John Creedy
  • David M. Knox

Abstract

Governments in many developed economies provide private pension plans with significant taxation incentives. However, as many retirement income systems are now being reviewed due to demographic, social and economic pressures, these taxation arrangements are also under scrutiny. This paper discusses some of the implications of the differences between the traditional taxation treatment adopted by most OECD nations and that adopted by Australia, where there is a tax on contributions, a tax on investment earnings and a tax on benefits. The results show that there are significant differences in the net value of the benefits received by individuals and the taxation revenue received by the government. On the other hand, it is shown that there is remarkably little to distinguish between the two tax structures in terms of summary measures of lifetime income, although the form in which the benefit is taken in retirement is significant in influencing intragenerational equity.

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Bibliographic Info

Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

Volume (Year): 20 (1999)
Issue (Month): 2 (June)
Pages: 189-203

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Handle: RePEc:ifs:fistud:v:20:y:1999:i:2:p:189-203

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  1. Atkinson, M.E. & Creedy, J., 1995. "Modelling Optimal Retirement Decisions in Australia," Department of Economics - Working Papers Series 464, The University of Melbourne.
  2. Atkinson, M E & Creedy, John & Knox, D M, 1996. "Alternative Retirement Income Strategies: A Cohort Analysis of Lifetime Redistribution," The Economic Record, The Economic Society of Australia, vol. 72(217), pages 97-106, June.
  3. Creedy, John, 1997. "Lifetime Inequality and Tax Progressivity with Alternative Income Concepts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(3), pages 283-95, September.
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Cited by:
  1. George Kudrna & Alan Woodland, 2012. "Progressive Tax Changes to Private Pensions in a Life-Cycle Framework," Working Papers 201209, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
  2. Paul van den Noord & Chistopher Heady, 2001. "Surveillance of Tax Policies: A Synthesis of Findings in Economic Surveys," OECD Economics Department Working Papers 303, OECD Publishing.

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