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Outlined below are all the latest news you 'need to know'.
Retirement Income Review report released
The Government released the Retirement Income Review which assessed the effectiveness of the three pillars of the retirement income system. These pillars being Australia’s Age Pension, compulsory superannuation and voluntary savings.
A copy of the Retirement Income Review report can be found here.
The Final Report will likely influence future government policy on retirement.
In his media release, the Treasurer notes several observations including:
Coronavirus Supplement: extended but reduced
In a joint statement with the Prime Minister, Anne Ruston confirmed both existing and new JobSeeker payment recipients will be paid the Coronavirus Supplement at a rate of $150 per fortnight from 1 January 2021 through to 31 March 2021 on top of their base rate of payment and other supplements they are eligible to receive.
A link to the media announcement can be found here.
This income test is applied to the JobSeeker Payment only. If a client is eligible for at least a part JobSeeker Payment they will receive the full Coronavirus Supplement (currently $250 per fortnight and reducing to $150 per fortnight from 1 January 2021 to 31 March 2021).
If you have any questions, or would like more information, please contact the IOOF TechConnect team on 1300 650 414.
DisclaimerThe information in this section of the website is intended for financial advisers only and is not to be distributed to clients. It has been prepared on behalf of Australian Executor Trustees Limited ABN 84 007 869 794 AFSL 240023, IOOF Investment Management Limited ABN 53 006 695 021 AFSL 230524, IOOF Investment Services Ltd ABN 80 007 350 405, AFSL 230703 and IOOF Ltd ABN 21 087 649 625 AFSL 230522 based on information that is believed to be accurate and reliable at the time of publication.