Mum and Dad investors hoping to maintain their dividend payments from Telstra might be in for a shock, with Plato Investment Management managing director Don Hanson warning the rivers of gold are over for the telecommunications company.

Mr Hanson, whose focus is predominantly on income-focused pension phase investors, said Telstra’s dividend was “almost definitely” going to be cut in the future, saying Plato was "underweight" on the telco.

Telstra chief executive Andy Penn recently announced the company will cut 8000 jobs over three years with headwinds facing the business. Credit:AAP

One of the major problems for Telstra has been the sale of its copper network and hybrid fibre-coaxial cable network “crown jewels” to the NBN Co, Mr Hanson said. While this resulted in some payments from the NBN to Telstra, which make up special dividend payments, it also meant the end of the provider’s monopoly position.

“A special dividend is exactly that, it’s special, and it’s not something you’d spend every year,” he told Fairfax Media ahead of a media briefing in Sydney.