Oz Federal Election 2013 - Discussion and Comments

[ComeFlyWithMe]

My super fund removed life cover options when I ceased employment in Australia. I suspect that is short sighted by them - but, understand how others whinge about super funds being stripped of funds etc.

That's actually an insurer's condition on all group life policies, not the fund itself. You could most likely get a similar cover with an industry super fund for much less than you were paying.

 

[ComeFlyWithMe]

Hmmm, i don't think i have seen a statement from my Super provider for years.. Probably got an old address or stopped sending them out...

Hoping the money is actually going into an account with my name on it, but as its with the super provider of the State Government i'm assuming everything is ok...

Should probably check on it one of these days so i don't hit 55 or 65 and i'm in for a surprise...

You should probably do something about that as a wonderful labor government 'reform' will have the government taking all of it from you with 2-3 pieces of returned mail.

 

[ComeFlyWithMe]

Every employee in Australia is saving to self fund their retirement. If their employer is paying their SG. If the lowest paid in Australia can actually get decent savings in super they won't need the pension.

And you think giving back their 15% tax will do it? Rubbish. They're destined for the pension.

By self-fund I mean entirely.

 

[ComeFlyWithMe]

That's nonsense. My father had a managerial role in the 80's and certainly wasn't rich. In fact he qualified for a full pension when he retired but he still had a Superannuation policy. He didn't have many years to contribute to it as he retired in the early '80's but it certainly existed.

If it was the 80's it was probably the sacred DB - defined benefit fund. Basically a guaranteed income stream for life sponsored by the employer. For obvious reasons these weren't sustainable so they have all but a few been folded. Those still on them will have nothing to worry about in retirement - interestingly many in the public service...

 

[medhead]

And you think giving back their 15% tax will do it? Rubbish. They're destined for the pension.

By self-fund I mean entirely.

Wow. And I guess you accuse the government of class warfare?

Tell me what's 15% compounded over 40 years?

The simple fact is whatever money anyone can get into super via the SG is fully self funded. The point is to reduce the burden on the pension and any money in someone's super account will do that. The other thing is that we're each saving for ourselves. What someone does at the low end, or high end, is irrelevant to anyone else. Very good opinion piece in today's Oz on that point.

Reducing the savings of low income earners is bad.

 

[Pushka]

If it was the 80's it was probably the sacred DB - defined benefit fund. Basically a guaranteed income stream for life sponsored by the employer. For obvious reasons these weren't sustainable so they have all but a few been folded. Those still on them will have nothing to worry about in retirement - interestingly many in the public service...

No. My father was employed in the private sector. No golden guarantees there. And certainly not a guaranteed income stream either. Just a lump sum on retirement.

 

[ComeFlyWithMe]

Wow. And I guess you accuse the government of class warfare?

Tell me what's 15% compounded over 40 years?

The simple fact is whatever money anyone can get into super via the SG is fully self funded. The point is to reduce the burden on the pension and any money in someone's super account will do that. The other thing is that we're each saving for ourselves. What someone does at the low end, or high end, is irrelevant to anyone else. Very good opinion piece in today's Oz on that point.

Reducing the savings of low income earners is bad.

I know, let's tax all super at the marginal rate, watch the higher income earners flee to other post-tax investments (or other creative structures) thereby reducing any economy of scale enjoyed by those with lower balances. Worse off at the bottom end? Wait until the savings pool is decimated, then they'll be worse off.

 

[ComeFlyWithMe]

No. My father was employed in the private sector. No golden guarantees there. And certainly not a guaranteed income stream either. Just a lump sum on retirement.

Was the lump sum based on his contributions or was it fixed, or pre-set?

 

[Pushka]

Was the lump sum based on his contributions or was it fixed, or pre-set?

It was simply employer contributions. He didn't have any spare cash. I believe it was simply what the employer had contributed plus interest. Nothing pre set.

 

[casanovawa]

Ahhh - the good old days when Super was only for the rich. Don't you miss them, drron?

You certainly have something against the rich don't you Moods??? And is that anyone over $100,000 in your convoluted thinking??? $150,000 and over and you're an exploiter of the workers or something???

What a shangri-la it would be if were all plodding, uninspired, mediocrities looking for our next welfare handout...

 

[casanovawa]

If it was the 80's it was probably the sacred DB - defined benefit fund. Basically a guaranteed income stream for life sponsored by the employer. For obvious reasons these weren't sustainable so they have all but a few been folded. Those still on them will have nothing to worry about in retirement - interestingly many in the public service...

I don't know about other public services, but i think in WA those defined benefit schemes were withdrawn a long time ago... 10 years or more i would guess, maybe even longer ago (20??)... People that are still around and didn't leave them will probably have a certain cushy existance...

 

[Hvr]

Federal public service closed their defined benefit schemes in 2006.

 

[casanovawa]

Yes, well the Feds (at all levels) often live in a slightly different universe to some of the rest of us...

Guess there's a bit more money sloshing around in Canberra... Or was till Swanny got hold of it...

 

[ComeFlyWithMe]

The schemes are only closed for new members, existing members cannot have their benefits reduced unless they agree.

 

[casanovawa]

Hmmm, no wonder i hadn't got many updates, the address they had for me i moved out of in 2001...

 

[TheEmu]

Ahhh - the good old days when Super was only for the rich. Don't you miss them, drron?

Super has been available to anyone who wanted it and was prepared to listen to advice, for as long as I've been working.
I was a member of DFRDBF (defence) in 1980 and have had personal super funds ever since.
The good old days were when you paid your nominal tax rate on 5% of the final super payout.
Then we got The World's Greatest Treasurer…

 

[TheEmu]

Hmmm, no wonder i hadn't got many updates, the address they had for me i moved out of in 2001...

You should get Maurice to track that down for you and roll it into whatever fund/s you have now:
SuperSeeker
I found $5k in there that I'd completely forgotten about.
Not exactly enough to keep me in the manner to which I would like to be accustomed, but better in my kick than theirs.

 

[Moody]

You certainly have something against the rich don't you Moods??? And is that anyone over $100,000 in your convoluted thinking??? $150,000 and over and you're an exploiter of the workers or something???

What a shangri-la it would be if were all plodding, uninspired, mediocrities looking for our next welfare handout...

Bloody hell! At $250K I must be Satan himself .... but I guess you knew that already.

Funny how the most bigoted and elitist whip out the old "class warfare" at the drop of a hat. They must just have the one synapsis I suppose?

 

[Deleted member]

That's actually an insurer's condition on all group life policies, not the fund itself. You could most likely get a similar cover with an industry super fund for much less than you were paying.

Some / many. But not all

 

[Deleted member]

There really is no point in getting personal and vitriolic.
Super has been tampered with for a long time. I recall in the early days there were over 50 changes in one year.
It got left alone for a while.
However we are talking about governments here.
Not a lot has been said about the unclaimed super which is being hoovered up. And that's plenty.

The interesting thing about super and low income earners is that until compulsory super was brought in, low I come earners had little or no savings.
The fact remains placing the burden on business to pay super and ever increasing wages is not going to work for ever, at some point, even low income earners will need to start taking some responsibility for their economic future.

I am not trying to over simply things, and I know for some, savings of any kind is a struggle. These are the people who need a safety net and our consideration.