Market creates more pensioners

05/09/08
Market creates more pensioners

The number of applications for the age pension has jumped up 40 per cent in the last year.
The rise is being driven by changes to the assets test rules, an ageing population and also by negative returns from investments and superannuation.
The number of new pensioners rose from 130,000 to 180,000 between 2006-07 and 2007-08. "Much of the inflow of new customers in 2007-08 could be attributable to the halving of the assets test change from 20th September, 2007," a Department of Family and Community services spokesman said.
An average twenty per cent fall in the value of investments has seen many retirees and retired couples fall under the expanded assets limits.
A financial advisor urged retirees to seek advice about whether they could be eligible for a part pension.

Source: Courier Mail

Hi Tropo,

Looks like the Courier Mail likes raking up muck.

At least CentreLink is straight talking!

"Much of the inflow of new customers in 2007-08 could be attributable to the halving of the assets test change from 20th September, 2007," a Department of Family and Community services spokesman said

Of course there is going to be more people on the Age Pension with the Assets Test being halved, that's an extra $300,000 retirees can have and still receive partial Age Pension. Yes, a few retirees who have less are going to receive slightly more Age Pension.

Cheers,

Dan