It seems clear that Australia is heading towards an adjustment to the rate of Goods and Services Tax (GST). Further, it is likely that the scope of the GST could be extended to goods & services that were previously exempted, one of which is financial products. It has been strongly suggested that tax arrangements will be needed to compensate low income earners and company tax rates will also be adjusted downwards. To understand what could result from the above changes we describe a scenario that could have a significant impact on the pension schemes of retirees. Indeed it is possible that private pension arrangements for most people may become unnecessary. (VIEW LINK)