CSS and PSS pension increase from July 2019

The following information has been provided to SCOA.  It was not included in the recent May issue of SuperTime for technical reasons. The CPI figures for the March 2019 quarter are as follows:. CPI increase for the 12 months to 31 March 2019 is 1.3% CPI increase for the 6 months to 31 March 2019 is … Read more

SCOA Australia is closing

A Special General Meeting was held in Canberra yesterday at which SCOA Australia members agreed to wind up SCOA Australia by the end of June 2019. The meeting was attended by close to one hundred SCOA members who, in combination with a large number of proxies received prior to the meeting, voted overwhelmingly in favour … Read more

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