Fairer indexation measures for Defence Force superannuants have been announced by the Minister for Veterans' Affairs, Senator Michael Ronaldson.
The changes impact on 57,000 military superannuants and their families who are covered by the Defence Forces Retirement Benefits scheme (DFRB) and Defence Force Retirement and Death Benefits scheme (DFRDB).
Under the Defence Force Retirement Benefits Legislation Amendment (Fair Indexation) Bill 2014, the new age and service pension indexation methodology will apply from 1 July 2014 to DFRB and DFRDB superannuants aged 55 and over.
The indexation provisions will also cover reversionary (widow) pensioners aged 55 and over.
"Fifty-seven thousand DFRB and DFRDB military superannuants and their families will finally get the fair go they deserve," Senator Ronaldson said.
Parity with other retirees has eroded over the past decade, prompting the reform.
From July 1, the military pensions will be indexed in line with the aged pension by being assessed against a cost of living index and a comparative wage-based index instead of being solely assessed against changes in the Consumer Price Index
Assistant Minister for Defence, Stuart Robert said Australia's veterans had waited long enough for this reform.
"This Government has long recognised the unique nature of military service and the sacrifices military personnel and their families make on behalf of all Australians,'' he said.
''The Government's resolve to introduce our fair indexation policy reflects our unwavering commitment to support veterans and their families."
The new laws can be found at this PS News link.
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