"Pensioners may sell their shares. The issue is, who buys them?"
In the case of SMSFs paying pensions, pretty obviously likely the super funds that have funds directed to them by SMSFs that have sold down their equities. So just a transfer from one super fund (that forfeits franking value) to another super fund that probably retains franking value in that case.
"i'm happy with the PBO analysis"
Is that happy clappy?
