I have an older-style pension – has the government forgotten about us?
While legacy income streams were not addressed in the recent federal budget, there are steps you can take to make them easier to work with.
Q: I was expecting the recent federal budget to include important promised changes to legacy superannuation pensions. I have one of these – a market-linked pension. What are the chances of this happening or have they been forgotten? Can you explain how this might affect me and whether I have any options to deal with this? Bruce.
A: These days when someone starts a pension from their super once they’ve retired or reached 65, it will be an account-based pension – so called because the super savings were transferred from a super accumulation account.
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