Federal Member for Fairfax

Media release

Many Australians will die without enjoying their superannuation benefits if reforms proposed by the Abbott government are implemented, according to the Palmer United Party federal leader and Member for Fairfax, Clive Palmer.

Mr Palmer said Prime Minister Tony Abbott and Treasurer Joe Hockey were bowing to demands from the finance industry by restricting access to pensions and superannuation until the age of 70.

“The real reason to extend the age for eligibility to 70 years is to allow the fund managers to keep Australians’ super,” Mr Palmer said in Nambour today.

“Many Australians will die and never enjoy the benefits of their years of hard work.

“The only benefit will be for fund managers who rip hundreds of millions of dollars from super funds each year in fees that bear no relationship to performance

“Anyone under 50 years of age will be the real losers.

“The government should allow Australians to access their super and savings at 50 when they still have time to enjoy the fruits of their hard labour.

“But the government just cares about the fund managers and Liberal Party lobbyists by extending the age for the pension until 70.”

Mr Palmer said the government should also change the parliamentary superannuation scheme to bring it into line with what they are proposing for the rest of the nation.

“Tony Abbott and Joe Hockey need to change the parliamentary super scheme so they don’t access it until they are 70,” he said.

“But I don’t think they’ll do that.”

Mr Palmer said the only way to stop the government’s raid on pensions and superannuation is for Australians to vote for the Palmer United Party.

“Australians need to put this proposal in the rubbish bin where it deserves to be,” he said.

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