Superannuation Discussion + market volatility

[CaptJCool]

June 2025 figures for Age pension are available

 

[Quickstatus]

Rumours that the govt considering adjusting the OAG pension access rules by reducing the amount of assets held one can hold outside the family home - this would primarily affect those who have part super and part OAG.

 

[mrsterryn]

Rumours that the govt considering adjusting the OAG pension access rules by reducing the amount of assets held one can hold outside the family home - this would primarily affect those who have part super and part OAG.

It wouldn't just be the age pension , there is carers payment and disability support pension which all come under the same flag so to speak

 

[CaptJCool]

Rumours that the govt considering adjusting the OAG pension access rules by reducing the amount of assets held one can hold outside the family home - this would primarily affect those who have part super and part OAG.

Yeah that was reported in the Australia’n today

Adjusting thresholds reduces the OAG financial liability WITHOUT raising taxes

 

[mrsterryn]

I don't understand why deeming is so low currently on financial assets under the social security system. I was quite surprised when they didn't increase the deeming rates this past July 1st .

 

[CaptJCool]

I don't understand why deeming is so low currently on financial assets under the social security system. I was quite surprised when they didn't increase the deeming rates this past July 1st .

A sop to the 2 million age pensioners who own their home who vote LNP

 

[burmans]

I don't understand why deeming is so low currently on financial assets under the social security system. I was quite surprised when they didn't increase the deeming rates this past July 1st .

With interest rates going down, would have been brave.

 

[RSD]

I don't think that we will need to worry about market volatility - DT is going to make sure that the numbers are really beautiful so that should prevent any volatility...

 

[mrsterryn]

With interest rates going down, would have been brave.

At the least they could have gone up half a percent. Especially when superannuation (age pension who are having it assessed ) are getting significantly higher returns on their investments for the most part

 

[CaptJCool]

So the 2 other insights in the OAP conversation

The census data from August 2021



The people turning 67 today were 63 in 2021
In that data, the 60-64 group no more than 290,000 (less deaths around 9,000 per year 60- 70,000 per quarter would be turning 67 this year yet the OAP for that age group has reduced slightly each 3 months.
About 1,400,000 in the cohort
So 720,000 in the age 67-69 of which 349,000 are on OAP
48% and reducing

The other group is the over 85s
They get afflicted with the surviving spouse outcome, they are living longer (and a few cut off because they didn’t sell the house when they went into aged care and after 2 years, it is cut off)
There’s no more than 980,000 in that cohort less a substantial amount of deaths)
For 2023 Deaths, Australia, 2023
71,000 deaths for those ages 85 & over
So 280,000 deaths over 4 years

700,000 aged over 85 alive
Around 470,000 are on OAP
67%

 

[Quickstatus]

So the 2 other insights in the OAP conversation

Can you provide a take home message please thanks

 

[OATEK]

A sop to the 2 million age pensioners who own their home who vote LNP

Government has had 2 elections to change, and even now seem reluctant.

 

[VPS]

I had to open a new super account for a recent contract. If I roll it over to my main account and just leave $10 in there and that is eaten up by fees in a couple of months does the account still stay active. I could close it but it's a hassle to reopen if I do another contract

 

[Happy Dude]

I had to open a new super account for a recent contract. If I roll it over to my main account and just leave $10 in there and that is eaten up by fees in a couple of months does the account still stay active. I could close it but it's a hassle to reopen if I do another contract

Check if there is any protection from fees for accounts with small balances.

 

[andye]

I recently transferred the proportion of my super in Aware to the Hostplus Choiceplus direct investment option. Has most of the accumulation CGT advantage of an SMSF with much less cost and hassle. Obviously cant use for leveraged property (or other assets) but had no intention of doing so.

Have been impressed so far but any insights from anyone who has done something similar or looked at the fund direct options and rejected it?

(I am also in the initial stages of an smsf, waiting for funds to come through, but this is for a QROPS-mandated UK pension transfer)

 

[SYD]

I had to open a new super account for a recent contract. If I roll it over to my main account and just leave $10 in there and that is eaten up by fees in a couple of months does the account still stay active. I could close it but it's a hassle to reopen if I do another contract

Why couldn’t you just nominate your existing Super?

 

[VPS]

Why couldn’t you just nominate your existing Super?

It's a government one and you can't add to it unless you are still with the government

 

[VPS]

Check if there is any protection from fees for accounts with small balances.

I'm still waiting for the last payment. The sooner the rule comes in that they pay super when they pay wages the better. At least people will have a better handle from these small businesses that go bankrupt owing the staff super

 

[Pushka]

I'm still waiting for the last payment. The sooner the rule comes in that they pay super when they pay wages the better. At least people will have a better handle from these small businesses that go bankrupt owing the staff super

It's going to mean more work for us. Our super payments are always made when currently due and are up to date. But doing it every fortnight is a total pain. We have to pay the price and wear it for those who are bad. And our contracts for the business can take months for us to get paid.