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Thursday, 26 March 1987
Page: 1349

To The Honourable the President and members of the Senate in Parliament assembled.

The petition of the undersigned respectfully showeth:

That we consider the 2 per cent discounting of Commonwealth Occupational Superannuation Scheme pension adjustments on 10 Oct 1986 to be a serious breach of trust by the Government. The Commonwealth has reneged on an established commitment as incorporated in Commonwealth legislation and benefit promise pensions are not being paid in full. In particular we resent the long-term effect of the discounting. The pension loss is compounded throughout the life of a pensioner and surviving dependants-into the 21st century for many. We consider this Government-induced penalty to be out of all proportion to the short-term ``extraordinary circumstances of the economy'' given as the reason for the discounting.

Your petitioners most humbly pray that the Senate, in Parliament assembled, should urge the Government to:

1. limit the pension discounting effect of the Superannuation and Other Benefits Legislation Amendment Act 1986 to the period 10 Oct 86 to 1 July 87 so that pensions are restored to the 9 Oct 86 level as a base for the 1987 pension adjustment; and

2. consult with organisations representing pensioners before changing the terms and conditions of Commonwealth Occupational Superannuation Schemes.

And your petitioners, as in duty bound, will ever pray.