An indirect change to the super rules, but highly significant change to the retirement plans of Australians with super savings, is the introduction of a harsher Age Pension assets test since January 2017.

Rather than losing $1.50 for every $1,000 over the full Age Pension threshold as the current test applies, instead, since January 2017 a retiree loses $3.00 for every $1,000 of assets over the full Age Pension threshold. The harsher Age Pension assets test means more than 300,000 Australians lost part, or all, of their Age Pension entitlements.

For more information on the Age Pension changes and the interaction of these changes with the super rules, see the following SuperGuide articles: Treasurer Morrison’s ‘Retirementgate’ encourages Aussies to spend and take Age Pension and Retirement income and savings trap: 13 findings from Save Our Super’s paper and Age Pension: 330,000 Australians lose entitlements since January 2017 and Latest retirement deal! Lose Age Pension, receive Seniors Health Card.