Hockey dams the age pension

Key Points No new taxes on superannuation... ...but savings in age pension payments announced Cutoff limits for benefits to drop significantly Joe Hockey promised “no new taxes on superannuation” on Budget night but found a way to save $2.4 billion in age pension payments. The secret doorway to these savings is the cutoff limits to benefits, and Australians who are better prepared to pay their own way in retirement will see the welfare tap slowly turn off. From 2017, about 320,000 retirees will see their part pension payments fall or disappear altogether as their level of assets excludes them from...

Joe Hockey promised “no new taxes on superannuation” on Budget night but found a way to save $2.4 billion in age pension payments.

The secret doorway to these savings is the cutoff limits to benefits, and Australians who are better prepared to pay their own way in retirement will see the welfare tap slowly turn off.

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