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COTA has welcomed the announcement of the Federal Government’s position on superannuation changes today and says older Australians need certainty and stability around their retirement income.
All older Australians deserve the assurance that they can retire with dignity. We need to make sure people have the housing and income to live comfortably in retirement.
A key feature of the Your Future, Your Super reform package in 2021 was delivery of greater transparency for consumers. COTA advocates that all funds regardless of their religious or ethical affiliation need to deliver high levels of transparency to their members.
We know the CSHC is valued by cardholders as it provides eligibility for pensioner level PBS concessions and in principle for bulk billing of GP, other health service charges, as well as various concessions in different jurisdictions, sometimes at lower rates than for a pensioner.
COTA’s long campaign to make superannuation fairer gained a significant victory
The removal of a $450 per month income threshold that prevents low-income workers from receiving superannuation contributions from their employer is a much-needed step towards a more equitable retirement income system.
Legislating the Retirement Income Covenant is a very positive step towards a more adequate and sustainable retirement income system for all Australians. Superannuation should be paid on every dollar earned, no matter your income.
COTA has long argued that it is vital superannuation is paid on every dollar earned so that people can have the best possible income during their years of retirement.
This is a first and very important step toward a more central focus on increasing retirement income within our superannuation system, which was endorsed by the Retirement Income Review.
A number of full and part age pensioners have been contacting us, or other organisations who have contacted us, concerned that “income management” will be introduced for the age pension. It’s just not true!
COTA have been strongly advocating for some time for the introduction of a Retirement Income Covenant in the Superannuation Industry (Supervision) Act 1993 and believe this is a first and very important step toward a more critical focus on retirement income within our superannuation system.
Older Australians will benefit from measures aimed at increasing workforce participation and fixing retirement incomes, COTA Australia says, but support for vulnerable groups like renters is still missing and long-term solutions are needed to ensure vulnerable Australians are adequately supported.