We sorted this down here. Compulsory superannuation. Matched by government and
employer co-contributions. Based on industry specific, not-for-profit funds
(NOT company pension schemes). Introduced some years ago. Applies to casual and
part-time workers as well. Most of our late baby boomers at least will be party
or wholly self-funded retirees. As a former government employee and so early
into this type of scheme, I now have a decent, tax free pension larger than an
Age pension. The Age pension is means tested but I still qualify for a small
proportion of it - useful for the other, related benefits.
This scheme has created a massive pool of controlled, responsible investment
over the last twenty years. I suspect that the reason that Australia did not
experience a financial crisis was not so much to do with selling off minerals
to the Chinese, but because we had this great big fat cushion on which to
recline. Governments sometimes get it right.
Andrew Fildes
afildes@xxxxxxxxxxxxx
www.soultheft.com
Author/Publisher: The SLR Compendium - http://www.blurb.com/books/3732813
On 11/04/2013, at 2:12 AM, Ken Norton wrote:
> I know that we won't be able to address
> retirement benefits in any meaningful manner until the BB generation
> dies off. But by then we'll be COMPLETELY bankrupt.
--
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