I agree with the subsidising point mentioned above (which arrived while I was working on my post) and is a better way of explaining my point. You can't have a system where people in the accumulation phase subsidise people in the pension phase. This is why I think the final legislation, if it gets through the Parliament, will have to address this issue and the experts in the ATO and Treasury will be all over it in designing the legislation. Further, it why I think industry and retail funds in the pension phase will ultimately be more affected than is currently portrayed in the media.
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