Pension Rise Next Week!

Finance & Banking Finance & Banking: Chat / Discussions
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You will be excited to learn that the Australian pension is about to rise by over $20 a fortnight. The pension is reviewed every March and September

The boost means a $20.10 per fortnight increase for individuals to $987.60 (£494) and a $30.20 increase for couples combined at $1488.80. (£744)

Asset test limits will also be stretched to allow more people to access a part pension, with the cap rising by $6750 to $599,750 for single homeowners.

Homeowner couples will see a $10,000 rise to the asset cap to $901,500.

Two more coffee’s each week! Exciting eh?

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We are due a rise in our State Pension too, Bruce, but - whatever it is - a lot will be lost in tax on our Works Pensions.

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3.1% is our rise Tabs, which to me is taking the pi$$!!

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You must all be careful not to spend it all at once :frowning:

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That seems unfair. My superannuation is tax exempt (ie it doesn’t count as income) so I could have some extra income from a part time job without it affecting my state pension or paying tax.

However, unlike my superannuation, the pension does count as income but is well below the tax offset for retirees which basically means that tax is only levied on income over about $32000.

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Deleted!

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Damn already booked my world cruise. :rofl: :rofl:

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Ours is only 2% (for 6 months) so it is not much better than your rise. It is because our pension is based on the average male wage and wages have stagnated over the last two years. Hopefully the current labour shortages will see wages bounce up because inflation is on the rise.

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Yes, in the next couple of weeks I will have an increase in my State Retirement Pension and an Occupational Pension

Well that’s nice enough I suppose, but although I can’t be bothered to do the sums, any increases will almost certainly be wiped out by increases in my Rent, Council Tax, Gas, Electricity, Water, Petrol, Broadband Connection, and all the rest of it

Fortunately I have reached the age where I have all the domestic & household stuff I need, like pots & pans & clothes, and the tools & materials for my hobbies will more than likely outlast me.

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Looking forward to my vast wealth with our pension rise in April. :smiley:

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I’m just looking forward to actually getting my state pension - it feels like a long wait, after they’ve moved the age goalposts twice! :older_woman:t2:

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As a couple, we could not enjoy a half decent retirement if we relied solely on the state pension. Fortunately, we have good index linked occy pensions + investments to make up the serious short fall our combined state pensions would leave us with.

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We have always been on low income and we manage quite well on our state pensions. The rise will pay for the increase in gas and electricity and more.

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Pension rise of 3.1% to more that cover a 54% increase in energy prices??? I do like your optimism :ok_hand:

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Our energy costs have gone up from £51 per month to £57. I think there is another increase in October.

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Hi

In England we had a triple lock on our Pensions.

That was a Tory promise to Pensioners.

Fat lot of good that was to us, cancelled at the first possible opportunity.

Pensioners are going to take a pay cut this year, MPs are not.

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When Tony Abbott was PM he tried to change the way the Australian Pension is calculated from a proportion of the adult male wage to the CPI. He was unsuccessful as he was stymied by the cross bench which voted it down (with Labor).

At the time such a change was an attempt to reduce the 6 monthly pension rises but because of wage stagnation we pensioners would have actually been better off over the last couple of years. The way inflation is taking off that might remain the case, ironic that the right wing PM might have actually improved the situation for welfare recipients.