Retirement income

Abolishing super age limits

National Seniors is supporting a bill to abolish the Superannuation Guarantee age limit, introduced into federal parliament by shadow Ageing Minister Bronwyn Bishop in February.

Currently, employers are only required to pay superannuation to employees up to the age of 70.

During the 2010 election campaign, the Labor Government pledged to amend superannuation legislation to raise the age limit to 75 years of age.

But the Coalition believes any age limit is unfair and acts as a disincentive for older Australians to keep working.

Seniors welcome changes to financial advice reforms

Older Australians have today welcomed the Federal Government’s announcement of financial advice reforms which includes better protection for consumers receiving information from financial advisers.

Announced by Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, the changes are detailed in the Future of Financial Advice reforms.

Global events impetus for retiree drawdown concession

  • News this week that super funds are taking a hit on the back of current global events has renewed calls from seniors to extend the minimum drawdown concession on allocated pension accounts into the new financial year.

  • Super Ratings figures released on Tuesday show that the Japan earthquake, tsunami and nuclear crisis have taken super fund balances down 2%, erasing January and February market gains.

New rules for pension and work

National Seniors has scored a major lobbying win in early 2011 with changes to the Work Bonus scheme.

Seniors who worked in seasonal jobs like exam supervisors at school testing times, accountants at tax time and Santas at Christmas were being docked of their pension because of the federal government’s limit on income in a tax year.

New rules from 1 July 2011 means income will be annualised, encouraging older Australians to continue contributing their skills and knowledge by remaining in the workforce.

National Seniors part of super reforms

National Seniors Australia will be represented on the new Stronger Super Peak Consultative Group which will advise the government on how to best implement the Stronger Super package, announced in response to the Cooper Review of superannuation.

Chief executive Michael O’Neill will be National Seniors’ representative on the board, highlighting the concerns most important to our members.

The group will begin detailed consultation on the implementation of the government's Stronger Super reform package later this month.

Seniors welcome no-frills super

Older Australians have welcomed the Federal government's commitment to cheaper, simpler and more transparent superannuation in its response to the Cooper Review.

Of the 117 Super System Review recommendations put to the Government in June, the most critical to consumers, said National Seniors chief executive, Michael O'Neill, was the introduction of the default, no-frills MySuper option

“For too long, the retirement savings of ordinary, hardworking Australians have been unknowingly milked by industry through fees and trailing commissions,” said O’Neill.

Election scorecard

National Seniors’ election campaign, Seniors Vote 2010, drew to a close with a rally and press conference outside Parliament House in Canberra on Tuesday. Check out the full scorecard of what the parties promised below.

After setting election demands and conducting meet-the-candidate forums in 13 marginal seats across the country, the verdict is that both major parties, running small target campaigns, had avoided the big issues.

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