Editor's Choice
Asset management tops salaries in product management, marketing
|Professionals in asset and wealth management can command premium salaries in the fields of product management and development, as well as marketing and communications, the latest Parity Consulting Salary Guide and Market Insights reveals.
JPMAM expands private equity strategy to wealth clients
|J.P. Morgan Asset Management (JPMAM) has launched the JPMorgan Private Markets Fund (JPMF) in Australia, in a bid to bring its institutional-grade private equity strategy to private wealth clients.
HESTA follows Cbus on death benefit nomination changes
|HESTA has introduced an option for members to make a non-lapsing binding death benefit nomination.
Allianz Retire+ channels super directly to lifetime income
|Allianz Retire+ has launched a new direct super pathway to access its guaranteed lifetime income solution for eligible Australians.
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Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Mr Rundeman of IOOF says that in addition to loss of the pension, mid-range wealth retirees will have '$600 to $700' of additional expenditure' through loss of concessional benefits.
State benefits vary from state to state but to take NSW as an example, I estimate that the loss to me and my wife of the pension will cause an additional expenditure of at least $2000-$2500 per annum through loss of other benefits.
For example: Car registration (now free) +$350; Water charges (pensioner rebate) p.a. +$600; Rates (pensioner rebate) p.a.+$250; doctor (loss of bulk billing) (4 visits each p.a.) + $200, medical procedures (regular scans for hip and DVD) (loss of bulk billing) +$250; loss of pensioner entertainment discounts for tickets (2 people) + $400. One of our few joys is the annual opera in the park for which pensioner tickets are almost half price. Attending in future would be $200 extra alone.
I have been very disappointed at the standard of debate and the ignorance of politicians on this issue. Just for starters no one ever takes into account that there is only one pension for a couple, but there two people who will have to pay.