9News: Super Plans

Ross Greenwood: Retired account Glen Dunn is comfortable but hardly on easy street.

Glenn Dunn: It’s a huge kick in the guts because we have a household income which is under $48,000 and my $18,000 a year that I earn is strictly from dividends.

Ross: Glenn has already worked out he will lose around $5000 a year if Labor’s plan gets up, equivalent to around a 10 per cent pay cut.

Glenn: I’ve been told what the rules are, I’ve had a plan, I’ve made sacrifices…

Ross: Glenn’s not the only one affected – State Plus Super has 60,000 member. Most of them New South Wales public servants – nurses, teachers and police officers. The $17 billion fund is in pension phase, meaning most members are retired – taking money out, rather than putting money in.

If Labor’s changes get up, they will be affected.

The fund owns billions dollars’ worth of Australian shares, and because its in pension phase, it means it receives a big tax refund cheque each year which boosts members returns.

But if Labor’s plans get through, the fund would have to change or maybe even merge to protect its members returns.

David Coyne: it would have an adverse impact on us, maybe even more so than other funds.

Ross: Ross Greenwood, Nine News.

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