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Dividend imputation poll reveals retirees’ fees

Retiree, fee, dividend, imputation poll

More than half of those against dividend imputation reform believe they will have to reduce their living standard if the policy is realised, a new poll has revealed.

Fund manager Wilson Asset Management (WAM) has amassed more than 13,000 signatures opposing Labor’s dividend imputation reform since its launch in May.

According to the poll sent out to signatories, those concerned are primarily earning less than $90,000 per annum and fear their standard of living will be compromised if the controversial policy is enacted.

The WAM poll drew in 3,000 responses, with 52.9 per cent of those opposing the reform worried they will need to reduce their family’s quality of life to accommodate the changes, while 27.9 per cent plan to spend their financial assets to qualify for the age pension.

Most fear they will lose between $5,001 and $30,000 (69.2 per cent), with only 1.8 per cent predicting the change will have no impact on their finances.

More than 90 per cent (91.5 per cent) were older than 51 and 79.1 per cent of respondents were older than 61.

The vast majority of respondents (68.5 per cent) also vote Liberal, with 23.7 per cent voting Labor, 4.9 per cent independent and 2.9 per cent voting Greens. However, 59.5 per cent of respondents said they will change their vote due to the proposal.

WAM launched the petition in May, with CIO Chris Stott arguing the changes would “negatively affect retail investors and amounts to Canberra moving the goalposts on self-funded retirees”.

Speaking on Wednesday, chairman Geoff Wilson said the poll highlighted the “unfair impact” of the proposal.

“The next step is to present the poll results and petition along with our policy paper to the Commonwealth Treasurer, Minister for Finance, Leader of the Opposition and shadow treasurer.”

Dividend imputation poll reveals retirees’ fees
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