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Pensioners losing out as interest rates continue to fall

Experts are calling for pensioner deeming rates to be adjusted as interest rates continue to fall.

Deeming rates presume a financial investment is earning a certain rate of income even if they’re not.

National Seniors Chief Advocate Ian Henschke tells Ross Greenwood retirees are losing out.

“This is the fifth time since early 2015 that the interest rate has fallen and yet the deeming rate hasn’t been adjusted.

“We have to have an independent body to set the deeming rate, we need to have an independent body to set the rate of the pension because we’ve turned the pension into a political football.”

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