Pension age on fast path to 70

The pension age will be pushed out to 70 in next month’s budget and may come into effect as early as 2029.

The pension age will be pushed out to 70 in next month’s budget and may come into effect as early as 2029 under a razor-gang proposal to accelerate Labor’s plan to raise the pension age from 65 to 67.

There are no plans to cut the existing pension but consideration is being given to changing the rate of indexation for age-pension payments.

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