Pensioner groups have failed in their duty—care of pensioners
Now will some people wake up?
Nearly 700,000 pensioners will find out close to Christmas if they’ll face cuts to their pensions because of their investments. A new assets test will come into effect on January 1, but News Corp reports that letters confirming individual cases won’t be sent until the weeks before Christmas.
Morning Mail began banging the drum about just how seriously pensioners on part or full pensions will be assets reassessed since April 14 2016. Read that article here. It was the Abbott government in June of 2015 that passed into law this 100% grab. MSM seemed disinterested in this sly impost and pensioner advocacy groups failed in their duty to explain the ramifications to their members. TV last night canvassed those at bowling clubs about the changes, not one pensioners knew of the changes about to happen. This stupid move will have those who saved all their lives but still need a part pension “top up” to bring their standards up to the official poverty line will deplete their savings and thus be eligible for full pensions. The unintended consequences will be old age pensioners reducing their assets (cash) and stashing it under the mattress. Be prepared for escalating bashing of the elderly for the assumed loot. We are indeed led by idiots!
Schedule 3 proposes to raise the assets test thresholds and increase the taper rate from $1.50 to $3.00 for every $1,000 in assets over the relevant threshold. This arrangement would be the same as that which applied prior to 2007. The following tables set out the current assets test thresholds and limits applicable in different circumstances and the thresholds and limits that would apply from 1 January 2017 under the Bill’s provisions.
Christmas wait to see if pension to be cut
The pension will be cut by $3 a fortnight for every $1000 of assets beyond the new thresholds.
Human Services Minister Alan Tudge says those likely to be affected will be sent a first letter in the coming weeks, as will those just outside the threshold. “It will outline the new assets thresholds. In December, another letter will be sent to those impacted with specific details on how their payment will change,” he told News.
Pensioners can use an online tool to estimate the impact.
The asset-free area will be $375,000 for homeowner couples; $450,000 for single non-homeowners, and $575,000 for non-homeowner couples.
Around 166,000 pensioners will receive a modest increase, but the majority of the four million pensioners will not be affected.