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Legislation to remove the Age Pension Income test discounts for Account based pensions has passed the lower house and is in the Senate.
What does this mean to you? If you retire and convert your super to a pension it has attractive treatment under the Centrelink income test. Meaning you get more Age Pension if the income test is the one that applies to you.
If you lock this in in 2014 it will be grandfathered. If you are retiring soon and the Age Pension and superannuation will be part of your plan you need to find out if you are affected.
Please share this message with the older people in your life.
By Trevor Thompson.