MEDIA RELEASE – EMBARGOED 5AM 25.5.15
25 May, 2015
TOUGHER PENSION RULES A GOOD MOVE,
SAY AUSSIES
Workers and pensioners have given a firm thumbs-up to the federal Budget’s tightening of
the age pension, according to research commissioned by AustralianSuper.
78% of workers and 88% of retirees support the tightening of the age pension assets test,
which makes it more difficult for wealthier pensioners to qualify, and increases payments
to poorer pensioners.
The research also indicates that today’s workers do not expect a free ride when they retire.
More than three-quarters (76%) of workers expect it will be harder to qualify for the
pension when they retire than it is today. This sentiment is felt most strongly by Gen X
workers (82%), ahead of Baby Boomer workers (74%) or Gen Y workers (70%).
Three in four working Australians believe the government feels it can dip into workers’
super to plug holes in the budget. An overwhelming majority of people are also tired of
governments tinkering with the superannuation system, with 75% of wage earners
reluctant to put extra money into their super because of frequent rule changes.
76% of workers and 81% of retirees wanted responsibility for the taxation of super
transferred from government to an independent body, to help ensure more certainty and
stability for the system.
AustralianSuper’s Group Executive, Membership, Paul Schroder, said, “The results of the
research suggest a growing realisation amongst younger workers that they’ll need to
provide for their own retirement, rather than rely on government support. They can do this
by making regular, voluntary before- or after-tax contributions. But before they’re willing to
invest more in their super, they want greater certainty and less government interference in
the super system.”
AustralianSuper manages more than $90 billion of members’ assets on behalf of more than two
million members from 200,000 businesses. One in ten working Australians is a member of
AustralianSuper.
For further comments, interviews or copies of the research contact:
Dean Felton, External Relations Manager, 03 8677 3133 or 0411 698 499
[email protected]
This information may be general financial advice which does not take into account your personal objectives, situation or needs. Before
making a decision about AustralianSuper, consider your financial requirements and refer to the relevant Product Disclosure Statement
(PDS). Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns. AustralianSuper Pty Ltd
ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.