Experts warn moving to means-testing could 'risk blowing a hole in people's retirement planning' and leave some pensioners in financial difficulty
Experts warn moving to means-testing could 'risk blowing a hole in people's retirement planning' and leave some pensioners in financial difficulty
The test in Australia is based on income received from all sources for an individual and their partner – so how much is paid out by the government depends on the value of a person’s assets such as their savings, shares and superannuation, as well as on whether they are in a relationship. A system would need to be put in place to record income, similar to how self-employed people must submit tax returns to HMRC, and people would need to be able to challenge the assessment when their income varies.
She warned that moving to means-tested state pensions could “risk blowing a hole in people’s retirement planning” and leave some people in financial difficulty in their later years. It warned the move could reduce saving incentives for those planning for retirement, including those on middle incomes.
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