Superannuation Discussion + market volatility

[MELso]

Just so you realise that politicians want to get their grubby hands on to super:

Jacinta Allan wants to tap super for next wave of government projects

The Victorian premier says the $4.3 trillion superannuation sector is based on workers’ money, and they should get the benefits of more schools and hospitals.

www.afr.com

Well, super's regulated federally, so there's no way the pollies would redirect workers' savings into their own pet projects and boondoggles that will underperform. Oh wait...

 

[cove]

Thanks @Steady the CFMEU is a big concern for all of Australia I think.
Now SIL tried for a pension but is still ineligble based on assets.

 

[Brissy1]

Just so you realise that politicians want to get their grubby hands on to super:

Jacinta Allan wants to tap super for next wave of government projects

The Victorian premier says the $4.3 trillion superannuation sector is based on workers’ money, and they should get the benefits of more schools and hospitals.

www.afr.com

Quoting Allan from that article :
" She said her fiscal strategy would focus on growth and not spending cuts to tackle Victoria’s debt"

Well that's comforting

 

[MELso]

Quoting Allan from that article :
" She said her fiscal strategy would focus on growth and not spending cuts to tackle Victoria’s debt"

Well that's comforting

Spending cuts require being mean to at least some public servants and public sector employees (both core constituencies of the current Victorian government).

The Silver review of the Victorian Public Service should have been released a while ago, and would have spurred discussions about cut backs. But why make awkward decisions about where to cut when you can raid super instead to fund projects (and just as importantly, have people discuss that instead)?

 

[mrsterryn]

With the Jan 1st indexation rates out for some social security payments, any ideas as to the indexation for CSS/PSS January 1st ?

 

[CaptJCool]

With the Jan 1st indexation rates out for some social security payments, any ideas as to the indexation for CSS/PSS January 1st ?

I’m told it’s 2.1%

 

[mrsterryn]

I’m told it’s 2.1%

Thank you so much. I do appreciate your information

 

[MARTINE]

I’m told it’s 2.1%

Thanks CJC.
I have a quick lateral question as a fortunate PSS recipient. Took all as life pension as didn’t need lump sum many years ago.
Do you know of anyone with residual left that goes to the estate once PSS pensioners and partner deceased AND they have had 10+ years of pension. Website gives mixed information about this. Not seeking fin advice in any way just curious.

 

[cove]

Today in the Financial Review there was a suggestion that in 2027 there will be a levy on SMSFs to cover misdeeds and failures in the superfund investment area.
One million SMSFs with their participants should provide quite a big backlash.
Next they will start looking at death duties to cover their incompetence in running surplus budgets.
They now owe a trillion dollars and have no plan.

 

[Pushka]

Today in the Financial Review there was a suggestion that in 2027 there will be a levy on SMSFs to cover misdeeds and failures in the superfund investment area.
One million SMSFs with their participants should provide quite a big backlash.
Next they will start looking at death duties to cover their incompetence in running surplus budgets.
They now owe a trillion dollars and have no plan.

Oh. They have a plan alright. It's our money they plan to plunder.

 

[cove]

Ok @Pushka you really need to stop thinking that it is all your money in 2027.

 

[CaptJCool]

Thanks CJC.
I have a quick lateral question as a fortunate PSS recipient. Took all as life pension as didn’t need lump sum many years ago.
Do you know of anyone with residual left that goes to the estate once PSS pensioners and partner deceased AND they have had 10+ years of pension. Website gives mixed information about this. Not seeking fin advice in any way just curious.

I was told the balance reduces over 11 or so years. I got zero expectation of any residual

 

[MARTINE]

I was told the balance reduces over 11 or so years. I got zero expectation of any residual

Me too - just interested