The Government will drop its long-standing, but unlegislated, plan to increase the Age Pension age from 67 to 70. PM Scott Morrison announced the policy change in response to a question from a member of the public on The Today Show. “I was going to say this next week, but… Read More »Plan to increase age pension age to 70 “gone”, says PM
Age Pension Age
Raising the Age Pension age to 70 will hurt many older workers who can’t choose when they retire, says the Australian Institute of Superannuation Trustees (AIST). The Federal Social Services Minister, Christian Porter, recently confirmed that it was still Government policy to raise the Age Pension age to 70. Mr… Read More »Raising Age Pension age will hurt workers who can’t choose when to retire
The Australian Institute of Superannuation Trustees (AIST) has called on the Government to rule out the proposed increase in the age pension age to 70. The current eligibility age for the pension is 65, though it is set to increase to 67 by 1 July 2023. The 2014/15 Budget proposed… Read More »Government should rule out lifting age pension age to 70: AIST
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.