Superannuation - Counting Down to Saturday

Jean from Queensland We are retirees we arrived from the UK in 2007 after paying hefty fees for our visas ($70,000 plus a $14,000 bond ) We both worked full time for five years in Sydney before relocating to Queensland paying all our taxes etc whilst employed. As we are both in our late sixties we are not seen as valuable resource for any prospective employer and can only obtain voluntary work. As we are ineligible for an Australian pension and all the benefits that are available to Australian pensioners it means we have to survive on our UK pension. This is paid in UK Sterling and therefore as the Australian dollar has got stronger our standard of living has declined. We are Australian citizens and therefore any increase in the UK state pension is denied to us so we are hit twice. We do not want an Australian pension but would like the benefit of cheaper prescriptions, cheaper health insurance and assistance with meeting our utility bills which have increased out of all proportion. If we apply for any benefits through Centrelink the cost of these will be taken out of the bond before it is returned to us in late 2019. 

Are the pollies effected by this? Unlikely or it wouldn't have gone thru... 

The changes from July 2017 are in fact meat to limit the excess use of Super concessions by the rich, and no surprise, a QC wakes up to fight for them! He didn't wake ip when the not-so-rich part pensioners either had massive reductions (330,000) in their pensions and some (91,000) lost their pensions - also by this Govt's nonsensical changes to the Assets test from Jan 2017. Only option is to vote them all (Liberal, Labor, Greens) out. To Peter below and others, in view of the preferential voting system, I suggest after voting one for your "retiree supporting candidate", the next preference should go to the candidate most likely to challenge the sitting candidate, and the last to the sitting candidate - to make sure the latter loses. That should get rid of all sitting leeches also prevent / limit getting their fat pensions for life, then maybe they will start listening. The retiree group is large enough to make such a difference, especially in all marginal seats. 

Politicians have short memories. Prime Minister Howard encouraged the opportunity to place your financial assets into a superannuation fund. You became self-sufficient on retirement. We placed all of our savings in a very safe/secure SMSF with the banks term deposits. At the time the banks fixed term deposits were 6% now they are below 3%. Politicians have shifted the goal posts and applied new rules that penalise and victimise the ones that have retired. If one had only known back then that due to the mismanagement and spending of past and present Federal Governments (that have now created huge budget deficits and debit and expect the retiree to now pay for it) I would have worked the pension allowances and bought a new car , caravan , boat , owned the home , had the allowable cash in the bank and travelled and still be entitled to the pension , health benefits and associated other entitlements . One big lesson learnt for the future retiree"don't trust them"and spend your money so you can get a pension and enjoy an uncomplicated retirement. This might appear to be cynical but understand I am angry because of the treachery and incompetence of politicians who dishonour previous undertakings and contractural arrangements . The LNP,Labour and Greens are as bad as one another and for me and my family the Independents,One Nation and the newly formed other groups look better by the day . They certainly can not be any worse and they can look forward in receiving our families 13 votes next election . Since becoming a retiree our income has been reduced by approximately 50% .The cost of living continues to rise (now the electricity costs are increasing here by 20% ) plus you have to employ an Account/Auditor to submit the super fund tax return as it is so complicated and confusing for a layperson to follow.Another expense created by the bureaucracy. Just understand what Governments have done and are continuing to do.There is no comfort nor peace of mind when one retires. 

My super pension is little better than the pension. I get none of the ad-ons, because my assets are too high. We had a choice of taking a lump sum or a fortnightly pension. I opted for the latter. Quite a few of our colleagues took the lump sum, spent up big, and now get the pension with all its benefits. I manage on what I get, but so many are moaning about the pension, that it is not enough to live on, even though they get the added benefits. 

OH DEAR What can I say. Il be dead and buried and my grandchildren will wear the costs of this governments stupidity.theres no turning back now. 

Still all gobbledy gook "explanations" here - no real or realistic meanings put forward here. But, as the Aus policy is to make everything as complicated a s possible, this comes as no surprise. 

Exactly pox on that inept Treasurer. Normal working people who have contributed to Super for 40 years are now the whipping bodies for a government that refuses to support us. Checking on companies hiving their profits overseas is in the distasteful or too hard basket for this right wing government. If this government has difficult fiscal headwinds LOOK AT THE SECTOR WHO HAS LEGALLY AVOIDED PAYING THEIR SHARE. !!!!!! 

So in agreement with you Peter. Now retired, had planned it all to live comfortably. Now they reneged on all previous rules and have stuffed up my retirement income - not to mention the very low returns on interest. Will do what many are doing, spend it on cruises and coffees. Will eventually cost the iriots in government MORE than what the old rules (Prior to 2017) would cost. Bon voyage! 

Pox on the federal government and bloated overpaid bloated Canberra public service. If my vote eventually gets to Liberal, Labour or Greens with preferential voting system in place. I will vote informal and encourage others to join me. Pox on all of them in the Canberra bubble that continually mess with OUR superannuation amoungst other matters.