27 Aug 2008

Lobby group wants super calculation changes

2:01 pm on 27 August 2008

Grey Power wants an independent body set up to review the way superannuation is calculated.

The group's president, Les Howard, says that in the past super rates have been used as a political football.

Superannuitants receive between 65% and 72% of the individual after-tax average weekly wage, with the exact amount set by the Government.

Mr Howard says it is currently at 66% for a married couple.

He says the problem is the calculation is always out of date compared with current living costs.

"It's always nine to 12 months in arrears every time there is an increase," he says. "They calculate the CPI in December then pay that out in April and that's for the previous 12 months. So that's got to do us for the prices we're getting over the next 12 months."

Mr Howard says it is a matter of wait and see, but he is hoping the fact it is election year might make political parties more receptive to the idea.