Age Pension Age
Following release of the Intergenerational Report 2015 the Australian Institute of Superannuation Trustees (AIST) has called for the Government to review the proposal to lift the Age Pension eligibility age to 70 by 2035.
The AIST says the Intergenerational Report (IGR) provides no evidence supporting an increase to the age pension age, instead projecting that “future pension costs in our ageing population are manageable in existing policy settings.”
Industry Super Australia Chief Executive, David Whiteley, has said that raising the age pension or superannuation preservation ages should be a last resort, but the superannuation tax concessions do need reform.
Mr Whiteley told the Australian Workers Union National Conference that the aging of the population is one of the key economics challenges for Australia, and superannuation is a central part of the solution. However the significant costs of the superannuation tax concessions must be addressed.