Queensland pensioners should know when their money is at risk

Queensland pensioner’s account could be at risk because their pension is set to be cut by $5,000 a year.

Key points:The pension is at stake for millions of pensionersThe government says it is taking measures to protect the fundThe federal Government has promised to protect pensioners with more than $100,000 in assetsThe federal Treasurer has confirmed the Queensland Government will reduce the amount of pensioner funds they have to manage if the Queensland Retirement Age reaches 55.

But the pension account is not the only risk Queenslanders face.

It comes as Premier Annastacia Palaszczuk says the Queensland government is taking steps to protect Queenslanders with pension funds more than 100,000 strong.

“We have got to make sure that there’s a level playing field for pensioners,” Ms Palaszenk said.

“I think people have got a fair bit of faith in the state, and we’ve got to ensure that it is fair for all.”

Ms Palaszyczuk said the Queensland Treasurer was meeting with senior Queenslanders and senior executives on Friday.

She said they would be looking at measures to ensure pensioners have a level of protection.

“The Premier will be meeting with Queenslanders to discuss pensioners, we are going to have a meeting with our federal and state partners and other interested parties,” she said.

Ms Paloszyczczuk was speaking after the Queensland Federal Government confirmed it will cut the Queensland pension by $4,000 if the retirement age reaches 55 in 2019.

“That’s a significant reduction in the amount that pensioners are entitled to receive,” she told reporters.

“So we’re working with our provincial partners and others to make that happen.”

The Queensland Government said the plan will save Queenslanders about $1.5 billion over 10 years, but the amount will only be available if Queenslanders reach the required threshold.

It said it will also ensure pensioner contributions remain the same for future years, to provide a long-term cushion.

Queensland Premier Annascacia Palacioszczky says Queensland’s pensioners will benefit from the cut.

She says she is aware of the concerns raised by pensioners who have made contributions to their accounts and will look at measures in the future to address them.

“There will be measures in coming weeks that will provide Queenslanders some protection from this cut,” she says.

“If we can get a little bit of a cushion, then that’s great.

If not, then we’ll look at the steps that we can take.”

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