Pension changes will impact retirement adequacyBY KERRIE SYDEE | FRIDAY, 12 AUG 2016 12:32PMImpending changes to the aged pension asset test thresholds will have a significant impact on the number of couples able to achieve a comfortable retirement, according to new research from Willis Towers Watson (WTW). Related News |
Editor's Choice
REI Super chief executive steps down
REI Super is farewelling its chief executive Jarrod Coysh, after more than seven years in the role.
Former Brighter Super investment lead plots return
After a six-month hiatus, former Brighter Super chief investment officer Mark Rider is returning to the superannuation industry, set to join another super fund next month.
CGT, negative gearing changes to become a law
The government's tax agenda announced in the Budget overhauling the capital gains tax (CGT) discount and negative gearing have now passed the Parliament and will become law.
BUSSQ beefs up cyber security oversight
The Queensland industry fund has welcomed a cyber security expert to its board of trustees, bolstering its oversight on heightened cyber security risk.
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
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.