“The country’s major superannuation funds would guarantee an annual income for millions of retirees under a confidential proposal from the Albanese government as it prepares for a flurry of withdrawals from the super system. While the pension pool has swelled to $4.1 trillion, the federal government and funds are increasingly assessing how to manage an inflection point when more money flows out of savings as a larger proportion of the population reaches retirement age and life expectancy grows. In preparation, Treasury officials have circulated proposed standards to superannuation funds and industry bodies that would enshrine so-called longevity protection. This tool would set a draw-down rate for retirees with more than $200,000 in their account and would be difficult to change even if a person wanted to do so.” ••••••••••••••••••••••••••••••••••••••••• This was the plan all along!!!!!! Labor are drawing up plans to stop people drawing down their super in retirement. What about all the people who want to pay off their home loan? As I’ve pointed out many times previously, the percentage of people retiring with a mortgage has increased drastically since superannuation was introduced. This has meant that people have to pull out their superannuation to pay off their mortgage when they retire, putting them on the pension. In other words Superannuation is not doing what we were told it would do. It’s nothing more than a slush fund for Unions, Banks and the big end of town. Furthermore Treasury is now acknowledging that there will come a tipping point when withdrawals will exceed contributions creating a liquidity crunch that cause a financial crisis. I’ve been warning about this for years - Superannuation is a scam that was only ever designed to control and impoverish poor working people while empowering and enriching the big end of town. Quote from: afr.com/companies/financial-… #auspol