Plan Reassessments

Question

Mr McNaughton: Unscheduled reassessments have changed a little bit over the last couple of years since the introduction of some legislative changes in 2022-I think; I'll get the exact date-where we introduced section 47A. Without getting too technical, that allowed us to make minor adjustments to a plan without having to do a full reassessment of a plan under section 48, which is what we call a plan reassessment. When you look at the data over the last few years, there have been fewer full unscheduled reassessments of plans because we have a provision where we can make minor adjustments to plans, which is actually a fantastic outcome for participants and also our staff; instead of rebuilding a whole plan, they can just make some adjustments as needed. So the numbers of full unscheduled reassessments has declined over the last couple of years. That, coupled with having longer plans, also has made quite a difference to the numbers. Senator ASKEW: So the unscheduled ones reflect in 47A? Mr McNaughton: Unscheduled reassessments I've referred to are only the section 48s; section 47As are separate. Senator ASKEW: Can you provide us with the numbers for 47A as well? Mr McNaughton: I'll take it on notice. Senator ASKEW: When you do that, I know I asked for the others, but I didn't actually ask for it for previous years. So if we could actually get it for the last five years for sections 47A and 48, scheduled and unscheduled, it would be fantastic. Mr McNaughton: We can take that on notice.

Answer

Please see attached answer.

Documents

• Question with answer (PDF) (opens in a new tab)
• NDIA SQ26-000131.pdf (opens in a new tab)