Page 4 - NC Senior Scene - 2022

PAGE 4 www.seniorsbook.com.au
Retirees seek extension of

super drawdown relief

Source: https://independentretirees.com.au/advocacy/media-releases
etirees welcome the “We commend the Government’s
recent passing of leg- action in addressing the historical
“Rislation in Federal exclusion of superannuation pay-
Parliament that provides more ments for workers earning less
flexibility for retirees to make than $450 per month, and we have
non-concessional contributions to made further recommendations to
superannuation,” said Mr. Wayne provide additional opportunities
Strandquist, National President for workers approaching retire-
of the Association of Independent ment with low superannuation
Retirees. balances to increase their contribu-
“This legislation package tions. These are important equity
included the abolition of the work measures that will help women,
test for non-concessional con- in particular, build their retire-
tributions for up to age 75 and ment savings,” Mr. Strandquist
reducing the eligibility age from explained.
age 65 to 60 for downsizer contri- “The Association acknowledges
butions into superannuation,” said that the Government has made
Mr Strandquist, “These improve- some improvements to the quality
ments will enable retirees and and safety of Aged Care follow-
those approaching retirement who ing the Royal Commission report,
were working before compulsory and has plans to make significant
superannuation was introduced reforms. However, we recommend
to build their balances to fund an that consideration be given to
adequate retirement income”, Mr. expediting these efforts and imple-
Strandquist explained. provide a retirement income Retirees has made a number of rec- menting transitional measures as
“The Association of Independent strategy for their members”, Mr. ommendations that address ade- soon as possible to improve the
Retirees also welcomes the pass- Strandquist added. quacy, equity and financial literacy capacity, quality and safety of
ing of the Retirement Income “In this year’s Pre-Budget issues raised in the Retirement residential aged care and home
Covenant legislation to ensure Submission to the Government, Income Review report,” said Mr. care services”, Mr Strandquist
that large superannuation funds the Association of Independent Strandquist. concluded.
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