Labor supports better military superannuation pension

Federal Labor will support the triple indexation of military superannuation pensions. Here’s the media release issued today by the Shadow Minister for Veterans’ Affairs, Don Farrell:
SENATOR DON FARRELL

SHADOW MINISTER FOR VETERANS’ AFFAIRS
SHADOW MINISTER FOR THE CENTENARY OF ANZAC
SENATOR FOR SOUTH AUSTRALIA




MEDIA RELEASE



LABOR SUPPORTS TRIPLE INDEXATION OF MILITARY SUPERANNUATION PENSIONS BILL

The Opposition will support the Defence Force Retirement Benefits Legislation Amendment (Fair Indexation) Bill 2014 which allows the “triple indexing” of the Defence Forces Retirement Benefits (DFRB) and the Defence Force Retirement and Death Benefits (DFRDB) military superannuation pensions for those aged over 55.

Shadow Minister for Veterans’ Affairs Senator Don Farrell said an estimated 57,000 retired military personnel will receive a $160 million boost to their pensions from July 1 this year if this legislation passes with the support of Labor.

“As a nation, we are rightly proud of our ex-servicemen and women who have helped protect our nation and its interests,” said Senator Farrell.

“We will support this Bill which ensures DFRB and DFRDB military superannuation pensions are indexed in the same way as aged and service pensions for those aged 55 and over.”

Senator Farrell said Labor had a proud legacy of looking after veterans.

“In the last Budget, we committed a record $12.5 billion to veterans including mental health programs and greater support for veterans and their families,” he said.

“We worked hard to make steady and sustainable improvements to veteran’s pensions and support, even in the face of the enormous challenge posed by the Global Financial Crisis.

“It’s utterly shameful this Government still plans to cut payments to the children and orphans of war veterans who have been killed or injured.

“Coalition MPs and Senators should be standing up to the Prime Minister on behalf for the children of war veterans, not voting to cut their payments.”

Senator Farrell called on the Abbott Government to outline in detail the impact of the legislation on the Future fund and the unfunded liability.

“The Government must explain how it intends to manage the issues associated with the Future Fund and the issues which will emerge in the years ahead.”

WEDNESDAY, 26 MARCH 2014


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