Reversionary benefits and the $1.6 million Transfer Balance Cap

SCOA Australia has today lodged a submission in response to Treasury’s Treasury Laws Amendment (Miscellaneous Amendments) Bill and Regulations 2019 exposure drafts which seek to correct an anomaly in relation to the calculation of CSS and PSS defined benefit reversionary pensions in relation to the $1.6 million Transfer Balance Cap which came into effect on 1 … Read more

ALP disappoints on indexation

One of SCOA’s very active members in Tasmania recently got Tasmanian MP Andrew Wilkie to write to Opposition Leader Bill Shorten regarding the inadequate CPI indexation of CSS and PSS pensions.  Bill Shorten passed the request on to his Shadow Minister for Finance, Jim Chalmers, who has provided this response. The language in Jim Chalmers’ letter … Read more

Retirement Income Disclosure Consultation Paper

SCOA Australia has today commented on the government’s Retirement Income Disclosure Consultation Paper.  The objective of the consultation is to find ways to provide prospective retirees with information about the various retirement products that are available in an easily understood way to enable them to choose the one(s) that suit their (personal and financial) circumstances … Read more

2019/20 pre-Budget submission

SCOA Australia has today sent an advance copy of our 2019/20 pre-Budget submission with a cover letter to the Prime Minister, Treasurer, Assistant Treasurer and Assistant Minister for Treasury and Finance, as well as the Leader of the Opposition, the Shadow Treasurer and Shadow Assistant Treasurer. The submission will be lodged electronically once the relevant … Read more

You need to take ACTION NOW!

ACPSRO (Australian Council of Public Sector Retiree Organisations) and other retiree organisations are often told by politicians that they have heard from the ex-military but they seldom hear from the rest of us – retired police, firemen, teachers, health care workers, public servants, local government staff, etc – who are trying to survive in retirement … Read more