Scams like these

[Hvr]

But all I hear are crickets re guvment defined benefit pensions.

Since federal government defined benefit super schemes stopped accepting new entrants in 2005, what did you expect to hear?

Ever hear of the Future Fund? Future Fund - Wikipedia
"The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants..."

 

[Quickstatus]

Future Fund

Exactly my point. And the FF may or may not cover current unfunded public sector liabilities. However the liabilities (AKA the defined benefit scheme capital requirement) as i said above are far in excess of most of the superannuation accounts of the non public sector including the SMSFs. And yet they want to tax the latter and not the former

Essentially they are happy to reduce the benefit amounts of anyone not in the public sector but not the benefit amounts of the defined benefit scheme holders

...Scams like these...

 

[Cossie]

Actually @prozac you are not necessarily wrong. When government business is privatised there sometimes a clause to quarantee ongoing employment for at least some of the staff.
Of course I have no idea if that happened with Medibank.

Not sure about this, but there are people I can ask. After Medibank was separated from the HIC a hatchet man was brought into Canberra by the then government to reduce Medibank in size in preparation for its privatisation and the subsequent move to Melbourne.

I had many friends working for Medibank at the time and I don’t know of any that were offered employment in Melbourne, definitely don’t know of any that relocated there.
I was working for the HIC at the time and was offered the “opportunity” to go across to Medibank, glad I didn’t.

Sorry, I feel that there is a far bigger scam being played out in Australia than defined benefit pensions and that is by companies that operate here and don’t pay their fair portion of tax, but then again as everything in life ymmv, and don’t get me started on family trusts.

 

[MARTINE]

Ah yes! I forgot that. They don't really do a great job since only the last number changes, plus expiry. Not very secure really.

My new medicare card - provided in real time yesterday - has completely different numbering with no relationship to current

 

[tgh]

don’t get me started on family trusts..

why not.. go on I dare you….

 

[Hvr]

However the liabilities (AKA the defined benefit scheme capital requirement) as i said above are far in excess of most of the superannuation accounts of the non public sector including the SMSFs. And yet they want to tax the latter and not the former

Like these funds?

The tax trick that one Australian is using to retire with half a billion dollars in super

Information released by the ATO reveals a person, couple or family in Australia currently has saved more than $540 million in superannuation — and the tax trick behind it is costing ordinary Australians, writes Ian Verrender.

www.abc.net.au

A person, couple or family Australia has stored away more than $540 million in superannuation...

Superannuation tax breaks introduced over the decades since now threaten to overwhelm the budget within the next 20 years, costing more than a national pension.

Along the way, those tax breaks have helped transform the scheme from a retirement fund into a tax shelter, primarily used as an intergenerational wealth transfer system for the nation's richest families

 

[Quickstatus]

Like these funds?

Edge case of n=1

I’m talking about the hundreds /thousands of super accounts in the amounts around the $1.7M (the cap) where the Govt is looking to gouge for $$$. Whereas the thousands of defined benefit accounts which actuarially have been calculated to require up to $10M capital does not get touched.

Tinkering with one section of super without also applying the same to another more generous scheme is a scam

 

[JessicaTam]

[mod hat]
Back to the scams please folks.
[/mod hat]

 

[Brissy1]

Ok back on topic, should I cut up my debit cards? I've not used them in years, is having one, unused, any risk? Even overseas (last trip Noumea in Sep, LA at beginning of covid) everything went on cr card.

 

[Hvr]

should I cut up my debit cards?

Can you lock them in your account settings? If so do that and assuming they're fee free keep them as an absolute last resort.

 

[Brissy1]

Can you lock them in your account settings? If so do that and assuming they're fee free keep them as an absolute last resort.

Excellent idea, I'll check

 

[VPS]

So of-course you took 5 seconds to report to Whatsapp?
Click the 3 Dots, select Contact Info, scroll down to the RED instructions and select REPORT

It was a text

The OP received the message on Whatsapp hence is a user. Handy information if they were not already aware how to do this.

nope. Text

Hmm, the post looked more it was received as an SMS message to me. But I am not a Whatsapp user, so nothing really to compare with other than regular SMS messages.

yep text

Yeah, that could have been a hyperlink to anything looking back at that post now…

definitely text

 

[SYD]

definitely text

Text can include hyperlinks

 

[VPS]

Text can include hyperlinks

There wasn’t

 

[prozac]

It was a text

nope. Text

yep text

definitely text

So you are fairly certain about it ...

 

[Forg]

That actually fit into this thread.
For a defined guvmnt pension, it has been estimated to require $10m of capital to cover the pensions
However at the same time, the Govt is looking to claw back the superannuation of the non goverment side. Moves are afoot to increase taxation of super accounts more than $1.7M. But all I hear are crickets re guvment defined benefit pensions.

Who is running a scam....

There are no defined-benefit super schemes any more, you had to have joined the public service something like 15-20 years ago. That was part of the deal for being paid SFA and being treated like garbage by your superiors … but it’s gone now.

They were a Thing in the private sector MANY years ago, but the private sector moved on the problem a lot more quickly …

As for real scams, got an SMS today from a random number with a tip for some horse in some race or other. Interesting scam … trying to manipulate the odds by getting random SMS recipients to bet (I’ve never bet on anything apart from an office sweep so my number’s not been used due to a link to betting).

 

[VPS]

So you are fairly certain about it ...

absolutely

 

[JessicaTam]

There are no defined-benefit super schemes any more, you had to have joined the public service something like 15-20 years ago. That was part of the deal for being paid SFA and being treated like garbage by your superiors … but it’s gone now.

They were a Thing in the private sector MANY years ago, but the private sector moved on the problem a lot more quickly …

As for real scams, got an SMS today from a random number with a tip for some horse in some race or other. Interesting scam … trying to manipulate the odds by getting random SMS recipients to bet (I’ve never bet on anything apart from an office sweep so my number’s not been used due to a link to betting).

They still exist and take new members. Just depends on which part of the public sector.

 

[prozac]

Call today from 0485 826 204. Did not have time to pick up and the phone identified it as Scam. A search of the number indicates it is a Scam with the caller identifying as Levitate superannuation. Pattern is they ask for you by name and when you confirm hang up.

 

[JohnK]

I got 2 myGov emails exactly the same for a Medicare rebate.