Off Topic Superanuation

All tied in with tax breaks when working and paying into private or company pensions. The main purpose of private pensions was to reduce the cost to the government's state pensions in the longer term.

 

Can I ask was the money you paid in put into an account in your own name that you could keep check of or just into a general fund for all members, I would have thought that after paying into a fund for a lifetime the aged pension would be a pittance

 

Would appreciate if you could give me some figures on the example I gave , talking of sleep most of my money was made while I was sleeping, yes you can to but no one else will do it for you

 

Both pensions were government run
Yes my final salary pension is ok.
But my oap has been drastically reduced.
My point is I was forced into taking superannuation at 24 years old and couldn't really afford it.
Then unknown to me I paid reduced national insurance for the next 40 years this in turn drastically reduced my oap.
In fact the reduced national insurance I paid was only a couple of pounds a month less than the full amount.that no one noticed the difference.
That's why no one new there were paying a reduced national insurance

 

When contracted out I think it means you got a bigger wage as you paid less tax - so basically got more when working but now you probably get a lower state pension. At the time the new state pension arrangements were not in place - an unintended consequence of the recent changes made in state pension ? Its so complex its got me flummoxed - bit like being a Sunderland fan

 

I can certainly understand your concern, the money was YOUR money and yet you were given little or no say in what happened to it, and as in all things governments when dealing with the general public make the rules as ambiguous as is possible , one of the merits of the Aussie super is that at the end of the day you can decide how you want to access your money be it in a lump sum to invest in other ways though most people today are opting for a weekly annuity with just a small draw down to say buy a new car or similar, I have no doubt that when it gets into full swing and big money is available the government will be changing the rules

 

In the not too distant future it will be impossible to pay an OAP, steps must be taken now to deal with it

 

Yeh fortunately I made provisions for my retirement
However some of my friends didn't.
But hey ho there getting looked after they pay no rent and get a substantial
Amount to live on (enjoy them selves)