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New government pension rules; Are you being affected ?
Topic Started: 6 Jan 2017, 08:24 AM (1,965 Views)
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From the 1st of January new government pension rules come into effect. While I am not affected personally, there is uncertainty as too how many will be affected. The talk is that while some may lose pensions, others may gain.

Who are the winners and losers here ? Are you being affected in anyway ? Will you change plans as a result ?

https://www.humanservices.gov.au/customer/enablers/changes-pension-assets-test

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Rufus
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6 Jan 2017, 08:24 AM
From the 1st of January new government pension rules come into effect. While I am not affected personally, there is uncertainty as too how many will be affected. The talk is that while some may lose pensions, others may gain.

Who are the winners and losers here ? Are you being affected in anyway ? Will you change plans as a result ?

https://www.humanservices.gov.au/customer/enablers/changes-pension-assets-test

Just have a wonderful holiday and spend your excess money.

In the future people nearing retirement will simply save less and maybe take that big holiday in Europe or the USA instead of saving.
Take risks - if you win you will become wealthy, if you lose you will become wise
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herbie
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Ole mate turned 65 'n went on tha pension last year - The new rules were known by then.

They could tell him he was eligible for a bit under the old rules but would be cut off under the new ones.

Tho once he woz in tha system it would be straight forward ta get his bit of pension coming in again - Once his assets had dropped a bit.

His flights 'n cruise are all booked. 'N he's giving serious thought ta just wot sort of new car he'd like to own in his retirement.

It's potentially piss it up against tha wall stuff in many ways - But wot tha f***; It's wot tha system requires so ya just gotta do it hey?

'N hey, tha world's changed - They want ya ta piss ya money up against tha wall in ya retirement - Ta prop up their shitty consumer based economy.

Hmmm PS: Making sure ya house is all renovated up 'n tricked out just as ya'd like it ain't a real bad thing ta do either - For mine.
Rufus
6 Jan 2017, 09:44 AM
In the future people nearing retirement will simply save less and maybe take that big holiday in Europe or the USA instead of saving.
And just retire earlier ta give 'em tha chance ta get it spent.

Good for tha youngies tho - There should be plenty of jobs for 'em as tha oldies all eff off outta tha workforce as soon as possible.

Tho lotsa youngies will be shitty if that results in tha nation needing ta bring in more migrants ta make up tha shortfall I'd reckon?

Or even decide that ma 'n pa intentionally pissing tha loot up agin tha wall is cuttin' inta their inheritance?

Anyway, tha people don't make tha silly damn rules - We just get ta respond ta 'em ...
Edited by herbie, 6 Jan 2017, 10:26 AM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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zaph
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Got love the language in the link. Some of it is just plain incorrect. The stand out is 'non-income tested low-income health care card'.

It's made very clear You don’t need to contact us.
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herbie
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zaph
6 Jan 2017, 10:36 AM
Got love the language in the link. Some of it is just plain incorrect. The stand out is 'non-income tested low-income health care card'.

It's made very clear You don’t need to contact us.
humanservices.gov.au is probably tha gov equivalent of wot I typically knew in tha mining game as The Human Resources (aka HR) Department - Wif tha standing joke in tha industry bein' that HR stood for "Human Remains" ... :)
Edited by herbie, 6 Jan 2017, 11:00 AM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Sydneyite
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herbie
6 Jan 2017, 10:05 AM
'N hey, tha world's changed - They want ya ta piss ya money up against tha wall in ya retirement - Ta prop up their shitty consumer based economy.
I actually think this is the exact intent of these changes..... to provide an economic / GDP boost by unleashing some super savings into consumer spending for a few years...... :dry:
For Aussie property bears, "denial", is not just a long river in North Africa.....
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herbie
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Sydneyite
6 Jan 2017, 01:47 PM
I actually think this is the exact intent of these changes..... to provide an economic / GDP boost by unleashing some super savings into consumer spending for a few years...... :dry:
"Social Services Minister Scott Morrison has urged retirees facing a tougher pension assets test not to hoard their superannuation savings to pass on to their children.

"The purpose of providing tax incentives to encourage people to build up their super is so they can draw down on it in retirement, not maintain it as a capital pool to be passed on as an inheritance," Mr Morrison told the Australian Financial Review."

Source: http://www.sbs.com.au/news/article/2015/05/25/dont-save-super-kids-morrison
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Chris
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Rufus
6 Jan 2017, 09:44 AM
Just have a wonderful holiday and spend your excess money.

In the future people nearing retirement will simply save less and maybe take that big holiday in Europe or the USA instead of saving.
That's a big 'poor me' Pete. Pretty pathetic given they are targeting those who do not need or deserve a pension. Those who are currently solely reliant on the pension to survive will see no changes, those who have significant investments and savings will be removed from the tax payer tit.

If you have used the tax payers money to establish wealth through property and investment in shares why would the government then subsidise you further? Baby boomers who complain about these changes are indicative of the greedy, selfish and sociopathic generation that put us in this housing mess in the first place.
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Rufus
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Chris
6 Jan 2017, 03:00 PM
That's a big 'poor me' Pete. Pretty pathetic given they are targeting those who do not need or deserve a pension. Those who are currently solely reliant on the pension to survive will see no changes, those who have significant investments and savings will be removed from the tax payer tit.

If you have used the tax payers money to establish wealth through property and investment in shares why would the government then subsidise you further? Baby boomers who complain about these changes are indicative of the greedy, selfish and sociopathic generation that put us in this housing mess in the first place.
Chris - it's an attack on Gen Y.
The government are making absolutely sure there will be nothing left for them in the estate.
Take risks - if you win you will become wealthy, if you lose you will become wise
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herbie
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Chris
6 Jan 2017, 03:00 PM
That's a big 'poor me' Pete. Pretty pathetic given they are targeting those who do not need or deserve a pension. Those who are currently solely reliant on the pension to survive will see no changes, those who have significant investments and savings will be removed from the tax payer tit.

If you have used the tax payers money to establish wealth through property and investment in shares why would the government then subsidise you further? Baby boomers who complain about these changes are indicative of the greedy, selfish and sociopathic generation that put us in this housing mess in the first place.
'N do ya also reckon makin' that comment woz an action wot helped ya improve ya personal financial situation Chris?
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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