Finance Your Super Super ‘for retirement, not kids’
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Super ‘for retirement, not kids’

AAP Scott Morrison
AAP
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Social Services Minister Scott Morrison has urged retirees facing a tougher pension assets test not to hoard their superannuation savings to pass on to their children.

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“The purpose of providing tax incentives to encourage people to build up their super is so they can draw down on it in retirement, not maintain it as a capital pool to be passed on as an inheritance,” Mr Morrison told the Australian Financial Review.

The government is tightening the pension assets test and expects about 91,000 part-pensioners to be cut off, 235,000 others to get less money and 170,000 retirees to get more.

 

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