“Superannuation fund members pay $20 billion in fees each year despite appalling returns and many being better off if they had put their hard earned cash in the bank.
“The establishment of a Superannuation Consumer Centre to advocate on behalf of fund members and paid for by the Government and the superannuation industry is a waste of $10 million of taxpayer money”, said Paul Versteege, CPSA Policy Coordinator.
“The CPA Australia report calling the lump sum super payment system a “retirement savings disaster” does not look at the bigger picture,” said Research/Policy Officer, Amelia Christie.
“It’s disappointing that Fairfax decided to publish unsubstantiated claims that pensioners hoard high domination bank notes in order to rort pension means-testing, basing the entire story on a letter from a former Reserve Bank employee of unspecified seniority and his “best guess”,” said Research/Policy Officer, Amelia Christie.
“Figures for pension and allowance increases were released today revealing that single pensioners will receive an increase of $8.55 per week from 20 September 2012. Singles receiving Newstart are set to receive a pitiful increase of just $1.45 a week,” said Research/Policy Officer, Amelia Christie.