Letter to the Editor - Saturday, June 20: Fat cats be warned
A NOTE to all retired police, fire brigade officers, nurses, teachers and other workers who may have retired with a superannuation pension and who may also have a part Centrelink Pension. You have been defined as "fat cats" by Treasurer Joe Hockey and have been targeted in the May Budget.
The government proposes that 90% of superannuation pensions be deemed as assessable income for the determination of Centrelink pensions.
I urge any retired person to contact their financial advisor to determine what your situation will be should the legislation be passed and come into effect in January 2016.
It could be that you and your families will be considerably poorer from 2016 as the changes to aged and other pensions will provide the government with an estimated $2.4 billion in savings.