Updated February 19, 2020 10:33:40 “We’ll be announcing that pension payments for Calpers Pension lump Sums will be increased by $300 million to $350 million in 2020,” a spokesman for the Queensland Government said.
A spokesman for Calpis pension fund, Calpains, confirmed the increase, but said the payout would be “in line with the previous increase”. “
It’s an increase of about 15 per cent, which is the same as in the 2016/17 financial year.”
A spokesman for Calpis pension fund, Calpains, confirmed the increase, but said the payout would be “in line with the previous increase”.
“The payout is based on the current levels of Calpiscans pension payments, which are still above the level of 2016/19,” the spokesman said.
The spokesman said the pension fund had increased its payments to Calpisters pension fund by $20 million in the previous financial year.
“In 2016/2017, we received about $300m in pension payments.
That is more than we received in 2016/16.
In 2019/2020, we got about $150m in pensions, and we paid out a total of about $180m in the past year,” he said.
The pension fund was set to receive about $400 million in 2016.
The payout was announced as the Queensland government grapples with a shortfall in pensioners’ pensions.
It comes after a number of Queensland pensioners have been forced to sell their homes in order to pay the pensioners.
More than 700 retired Queenslanders are facing a “fiscal cliff” as the state struggles to maintain its financial stability.
Queensland Treasurer Mike Nahan is calling for an extra $100 million from the Government to help pay for the pension overhaul.
Under the reforms, pensioners will be able to draw on a new, lump sum payment for the first time in 2035.
Mr Nahan said the Government had also committed to increasing the lump sum for Calps pension from $100 to $250 per month.
However, the Queensland State Government has not committed to increase the lump-sum payment to Calpers.
At the time of publication, the Government did not have a response to a request for comment.
This is a developing story.
More to come.