Increasing super guarantee to 12% will reduce Age Pension by 2.3%

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AUSTRALIA - Increasing the superannuation guarantee (SG) from the mandatory 9% to 12% will reduce the payments under the age pension, a government pension payment, by 2.3%, a report by AMP and NATSEM has claimed.

AMP Financial Services managing director Craig Meller said: "Australia is a wealthy nation yet our personal savings, including superannuation, are still reasonably low. By increasing the SG to 12% ...

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