SCOA’s Federal President, Dr Annette Barbetti, today asked all political parties to hold their fire on changes to superannuation rules “until after a proper review of the interaction between the superannuation and welfare systems”.
Dr Barbetti said that, “the changes proposed by the major political parties will have an adverse effect on many retirees who are already struggling to make ends meet due to poor returns on investment and very low interest rates”. Dr Barbetti added that “Our members are very disappointed that there has been no explanation of the likely impact of the proposed measures on those defined benefit pensioners who have one or more additional pension funds”. According to the recent Federal Budget papers, this would be taken into account and “would be subject to consultation”. SCOA is not aware of the results of any such consultations, but, said Dr Barbetti, “if they are yet to be held, SCOA would very much like to be part of them”.
28 June 2016