Tag: mandated individual accounts
![Senior man calculating finances](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_1-1536x1024.jpg)
Introduction Australia’s new retirement income system combines two components. The first is the Age Pension — a means-tested allowance, funded out of general government revenues, which was put in place as a welfare program in 1908. After its expansion in the 1970s, the Age Pension has become more of a universal entitlement with a claw…