new super rules, page-15

Hi Wooduck,
I am in a similiar position to your question I am almost 60 and receiving a TRIP of 5%. I have been looking around the WEB and found this on a website newsletter.

http://netactuary.typepad.com/

Scroll down to the
18 December article Mid Year Economic Review, and the last dot point.


"How account based pensions count for Centrelink's income test purposes will change to the deeming basis from 1 January, 2015. There are grandfathering provisions for account base pensions that commenced before this date provided the recipient was in receipt of Centrelink income support at that date."


I think it is clear that all will be under the new rules unless you are 65 receiving a super pension and receiving a centrelink full or part OAP at 1 Jan 2015.

This has not been understood or explained to the full population at all.It will directly hit the people in the middle by reducing the amount of OAP they will receive in the future.The people receiving over $100k from there super fund would never qualfy for any OAP and the government removed the propsed 15% tax for them but seems like they are going to stick it to those in the middle receiving some super and full or part OAP as a top up.

The only other strategy I can see at the moment is to retire just before 65 (66 for me) and take a large lump sum out put it under the bed so to speak , if access to lump sums is not closed off before then and reduce the pension amount down going forward.

Lets see if the Super Industry makes this as an issue on behalf of members as it is going to impact everyone with a super pension going forward.

Cheers, Reserve