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Hitherto the only annuity market to have a major change in policy is in Australia, where the removal of incentives to annuitise led to the annuity market virtually disappearing (Bateman and Piggott, 2011).
Even when annuitisation was compulsory, it was only ever compulsory to annuitise by age 75, yet the figure illustrates the slightly puzzling feature throughout the entire period of analysis that the vast majority of annuities were purchased at ages 60 and 65.
In the case of provident funds, even though the requirement to annuitise is to be postponed until 2018, the tax deduction will still be allowed whilst the review on annuitisation is undertaken.
The proposals to improve retirement tax incentives, harmonise and simplify the taxation of retirement contributions and benefits, including the need to annuitise benefits under provident funds, were legislated through the Taxation Laws Amendment Act No.