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Comsuper independent pensions expert.



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SENATOR NICK SHERRY

SHADOW MINISTER FOR RETIREMENT INCOMES AND SAVINGS

MEDIA RELEASE

4 October 2004

COMSUPER INDEPENDENT PENSIONS EXPERT

Labor will appoint an independent pensions expert in response to ongoing concerns by Commonwealth and Military (Comsuper) superannuants, and the organisations that represent their interests, regarding the current method of indexation of Comsuper pensions.

The current pensions paid from the Commonwealth and Military Pension Schemes are indexed to CPI.

The groups representing retired public servants and military personnel and other interested individuals, including serving public servants, have requested that the indexing be amended from CPI to “either CPI or MTAWE”, which ever provides the greater increase.

A Labor government will appoint an independent pensions expert to examine and report on both current and alternative methods of indexation of Commonwealth and Military pensions.

This will be a general investigation of the indexation issue but particular attention will be given to:

• That part of a Commonwealth or Military pension payment that is equal in amount to the age pension payment, currently $12,389 for a single person; and • The disability pension.

Organisations with an interest in this matter will be consulted on the selection of the person who will conduct the investigation.

The independent expert will be required to report to the government within six months.

Most Comsuper superannuants, those earning less than $52,000, will also receive the benefit of the $8.00 per week tax cut announced earlier in Labor’s Tax and Better Family Payment Plan.

For more information or comment please contact: Senator Nick Sherry 03 6424 8241 or 0418 482 807 Lana Joyce 03 6424 8241 or 0414 505 989