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Category: Superannuation / Tax / Clive Palmer / Minor Parties

Fact Check zombie: Clive Palmer wrong again on Australians dying before accessing their super

Wednesday, 30 Mar 2016 03:15:34

Zombie alert! Clive Palmer wrong again on Australians dying before accessing their super (ABC Fact Check)

Federal MP for the Queensland seat of Fairfax, Clive Palmer, has used Question Time to push the Government to allow people to access part of their super early, to "buy a home or support their family in difficult times."

Mr Palmer claimed that "A large percentage of Australians will be dead before they are eligible [to use their super]."

Mr Palmer made a similar claim in 2014, which Fact Check found to be wrong.

The original claim

"And we know as a statistical fact that over 50 per cent of Australians will be dead by the time they get access to their super," Mr Palmer said.

Fact Check consulted the Actuaries Institute, which used Australian Life Tables published by the Australian Government Actuary, to calculate that 89 per cent of Australians would live to 65.

At this age, Australians are able to fully draw down on their superannuation, even if they are still working.

Fact check: Clive Palmer wrong on superannuation

Clive palmer says it is a statistical fact that over 50 per cent of Australians will be dead by the time they get access to their super.

But the "preservation age" or the age at which people can start accessing their super is even lower, with some people able to start accessing their super at 55, depending on when they were born.

This means that the percentage of people who can begin accessing their super before they die would be even higher.

Some of Australia's largest super funds confirmed to Fact Check that less than 5 per cent of funds are paid directly to beneficiaries because the member has died.

Fact Check determined Mr Palmer's claim to be wrong, and it still is today.

AustraliaPlus


 

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