Changes to the pension will come into effect on January.

The changes will see around 300,000 seniors have their pensions reduced, while more than 100,000 will lose the pension entirely.

Among the changes, the cut-off point for eligibility drops from $1.178m of assets, outside of your home, to $816,000. 

Finance guru Scott Haywood told Nick McCallum the government needs to make savings, but this will disadvantage a lot of people.

Nick said targeting wealthier pensioners – especially as they have been long encouraged to save for retirement – is ‘just wrong’.

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