Government passes pension changes

Last week the Federal Government passed $2.4bn of changes to the pension, which will reduce pension cheques for 235,756 seniors, cut 91,378 people from the part-pension and give 171,658 retirees about $15 a week extra.

The changes, which come into effect on January 1st 2017, include a reduction in the cut off rate from $1,151,500 to $823,000 for couples (and from $775,500 to $547,000 for single people).

If you think you may be affected by this change please contact PPT to discuss how you can best prepare for the change on (03) 5331 3711.

DISCLAIMER: The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.