‘under the existing rules for the life of the product, so an individual is no detrimentally impacted unless they choose to change products.’
I was interested in the definition of the word product. I asked Aaran Dunn, and this was his reply.
"A ‘product’ is the pension account. As long as a pre-1 January 2015 pension continues in its current form, then the current rules would continue to apply."
So, should this crazy legislation ever see the light of day, then it looks as if the lucky ones who can start their pension by 1/1/2015 will be in a better situation. Anyone over age 53 should at least be aware, just in case ALP get back in.
