PB Tabloid: Super Changes
Aug 6th 2003, 1:29 am
#1
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Joined: Aug 2002
Location: Perth Arse end of the planet
Posts: 7,037
Super Changes
The Super in Australia was always ment to stop working people getting a state pension so the changes are a move nearer to that end .
If you have a private pension in the UK I would not now transfer it , the state pension here is means tested so beware.
ONCE again people planning for retirement face meddling that could change the superannuation system for the umpteenth time.
The Herald Sun reports today there have been more than 2000 government-imposed changes in the past decade.
This muddle has imposed an unacceptable uncertainty.
In the latest example, a Senate standing committee has recommended lump sum payments be limited and that retirees be required to invest the balance in annuities to provide an annual income.
It is the latest response to the very real problem caused by Australia's ageing population. The committee notes that in 50 years three quarters of people over 65 will need the age pension to survive.
But the average lump sum payout is about $65,000, which is barely enough to pay off mortgages and update essential home appliances, let alone investing part of it in an annuity.
If you have a private pension in the UK I would not now transfer it , the state pension here is means tested so beware.
ONCE again people planning for retirement face meddling that could change the superannuation system for the umpteenth time.
The Herald Sun reports today there have been more than 2000 government-imposed changes in the past decade.
This muddle has imposed an unacceptable uncertainty.
In the latest example, a Senate standing committee has recommended lump sum payments be limited and that retirees be required to invest the balance in annuities to provide an annual income.
It is the latest response to the very real problem caused by Australia's ageing population. The committee notes that in 50 years three quarters of people over 65 will need the age pension to survive.
But the average lump sum payout is about $65,000, which is barely enough to pay off mortgages and update essential home appliances, let alone investing part of it in an annuity.
