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‘Fix the pension poverty’: Seniors group says cut to deeming rates not enough

Seniors groups have demanded an independent body oversee deeming rates after the government announced highly-anticipated changes.

The deeming rate will drop from 1.75 per cent to 1 per cent and the rate for balances above $51,800 for singles, and $86,200 for couples, will drop from 3.25 to 3 per cent.

It means some part-pensioners will be more than a $1000 better off a year.

National Seniors Advocate Ian Henschke tells John Stanley there is more that needs to be done.

“I don’t think that the modern politician even understands the mind of a pensioner, because if they did they would have sorted something out to make it better.

“Fix the pension poverty!

“There are many, many, people living on the pension that live below the poverty line and we shouldn’t forget them too, they have no money in these accounts.”

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