' "I looked at the letter and just skimmed through it and thought, 'OK, yeah, it doesn't look too exciting'," she said. But the devil was in the detail and what the former speech pathologist didn't grasp then was the fact her pension payment was about to be cut by half, under changes that come into effect from July 1.'
Possum3 said
09:48 AM Jun 15, 2020
Typical Govt interference - They wouldn't allow this if it affected them.
-- Edited by Possum3 on Monday 15th of June 2020 09:50:28 AM
Santa said
09:56 AM Jun 15, 2020
Storm in a teacup, as usual the ABC playing to peoples fears.
The Age Pension rates will next change on 20 September 2020. Age Pension rates and the upper thresholds for the assets and income tests (ie for those who are eligible for a part Age Pension) are adjusted in March and September each year. The lower limits (ie for those for are eligible for the full Age Pension) change in July each year.
oldbloke said
12:22 AM Jun 16, 2020
This is a beat up. It is an opt in system. If you wish you can reduce your super pension for up to 2 years (There are minimum amounts you must draw depending on your age) It's not automatic. (Not for Australian super anywsy)
So, if you have cash in the bank getting say, 2% you can live on that along with a lower super pension. This gives your super a chance to recover over the next 2 years.
Speak to an advisor or ph your super scheme for more info or before making changes.
Nevd said
08:53 AM Jun 17, 2020
As oldbloke says, it's optional. You have to advise your super pension fund if you want the new lower minimums. If you are getting the normal minimums this year, and don't change anything, you will get the normal minimum next financial year (eg 5% of July 1 balance depending on age). It will probably be a bit less though, because it's based on July 1 balances each year. Allowing for this year's pension payments and reduced returns, your balance this July may be noticeably less than last July.
'Your pension payment could halve in July because of COVID-19 changes to superannuation'
https://mobile.abc.net.au/news/2020-06-15/pension-payment-could-halve-july-because-covid-19-changes/12348612
' "I looked at the letter and just skimmed through it and thought, 'OK, yeah, it doesn't look too exciting'," she said. But the devil was in the detail and what the former speech pathologist didn't grasp then was the fact her pension payment was about to be cut by half, under changes that come into effect from July 1.'
Typical Govt interference - They wouldn't allow this if it affected them.
-- Edited by Possum3 on Monday 15th of June 2020 09:50:28 AM
Storm in a teacup, as usual the ABC playing to peoples fears.
https://www.abc.net.au/news/2020-06-15/pension-payment-could-halve-july-because-covid-19-changes/12348612
As stated in the article,
There will be an increase in September, plenty of information on Google.
https://www.superguide.com.au/accessing-superannuation/age-pension-rates#When_is_the_next_Age_Pension_increase
When is the next Age Pension increase?
The Age Pension rates will next change on 20 September 2020. Age Pension rates and the upper thresholds for the assets and income tests (ie for those who are eligible for a part Age Pension) are adjusted in March and September each year. The lower limits (ie for those for are eligible for the full Age Pension) change in July each year.
So, if you have cash in the bank getting say, 2% you can live on that along with a lower super pension. This gives your super a chance to recover over the next 2 years.
Speak to an advisor or ph your super scheme for more info or before making changes.