Fair Go for FiftyUp Campaign: Superannuation under attack at National Reform Summit

It appears from the first crop of Fair Go For Fifty Ups that many of you are on a collision course with some of the pundits at this week’s National Reform Summit.

Business leaders, politicians, union representatives and journalists were present at the summit this week and declared superannuation under attack.

There was one group missing from this important discussion – actual over 50’s who have retired or are retiring soon.

Your views are crucial. Go to #FairgoforFiftyUp campaign today.

The very things many of you who have joined the campaign said you didn’t want to see such as; including the family home in the age pension eligibility test, changes to tax breaks on super and raising the pension age were all discussed.

In the first 10,000 responses to the survey these were the top three concerns and please keep the responses coming. Your voice especially on these issues is critical.

When asked their most important financial consideration 41% said it was that the family house should remain exempt from the assets test.

But at the summit the Centre For Independent Studies said it should be included because the current system disadvantaged the poorest 25% of age pensioners who didn’t own their own home.

The next highest response was 15% who wanted no change to the taxes on super. But again at the summit David Whiteley the boss of Industry Super Australia  said there was ‘by and large’ agreement for reform in the area.

Third time unlucky came the issue of the right and fair age for pension eligibility. 11% of you wanted it to stay at 65 and not later.

John Brogden,  CEO of the Australian Institute of Company Directors said there should be consideration of pushing even above the proposed gradual increase to 67 as people are living longer.

Whether you like it not there’s likely to be a review of retirement incomes and a clear set of objectives resolved for the complex and costly system.

So again it makes sense to those who make the decisions know where you stand. Go to the website and fill in the survey. We will compile and take your voice to the politicians in Canberra who ultimately decide.

And here’s a sample of some of the comments you have left. Go and check out more for yourself at Fiftyupclub.com

‘We spend too much money policing a complex taxation system. Reform and simplify it and reduce the cost of management and enforcement.’ Phillip, QLD

 ‘Changing the rules regarding pensions AFTER a person has retired is not fair.’ Rob, VIC

 ‘Governments need to look for positive ways to help those who demonstrate that they want to provide for their retirement at a reasonable living standard, regardless of existing income or assets, rather than think of ways to screw back their entitlements to reduce expenditure.’ Terry QLD.