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Qld govt steal super (Read 504 times)
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Qld govt steal super
May 24th, 2016 at 11:41am
 

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Queensland's treasurer has confirmed the government is considering raiding the state's $30 billion defined benefits scheme for public servants in the upcoming budget.

Curtis Pitt told parliament on Tuesday the government was likely to use some of the fund's $11 billion surplus in the state's June 14 budget to help fund infrastructure.

"Normally I'd refrain from commenting on budget speculation," Mr Pitt said.
"But today I can confirm that the government is considering a range of options including repatriating a portion of the large surplus in the QSuper defined benefits scheme, in accordance with advice from the state actuary.

"Our strategy, including our Debt Action Plan, is aimed at reducing general government sector debt while also allowing us to invest in the infrastructure our growing state needs."

Mr Pitt said the tactic means the government doesn't have to rely on unpopular asset sales and continues on from last year's budget strategy.

He said all members' entitlements in the defined benefits scheme would continue to be paid in full as they were due.

The scheme was closed to new members, he said.

"And contrary to the scare mongering from the LNP, I can confirm that the defined benefit scheme will continue until the retirement of the last current members of the scheme," he said.

Mr Pitt also said there would be no changes to the accumulation superannuation that most public servants used.

He announced during last year's budget that, for five years, defined benefit employer contributions would be used to pay down the state's debt, rather than be invested in the general pool.

The government promised the scheme would stay in surplus for at least five years.


https://au.news.yahoo.com/qld/a/31681446/qld-govt-to-raid-defined-benefits-schem...
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Re: Qld govt steal super
Reply #1 - May 24th, 2016 at 11:49am
 
It is the entitlements that are currently under scrutiny..... remember that old 'age of entitlement' comment?

Tony's gu'mint  was indeed a gu'mint of watershed...... his glib comments and those of his cronies have finally driven the Australian people to near revolt.

BTW - how does a government super scheme have a surplus?  Are they cunningly investing it in Lotto tickets or something?
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« Last Edit: May 24th, 2016 at 11:56am by Grappler Truth Teller Feller »  

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Re: Qld govt steal super
Reply #2 - May 24th, 2016 at 12:01pm
 
Can't really comment until you see all the details, but to play devils advocate, if they have $11B in funds sitting there, why not use them to build infrastructure?

As long as all entitlements are paid in full as they fall due, where's the rpoblem?
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Re: Qld govt steal super
Reply #3 - May 24th, 2016 at 12:45pm
 
John Smith wrote on May 24th, 2016 at 12:01pm:
Can't really comment until you see all the details, but to play devils advocate, if they have $11B in funds sitting there, why not use them to build infrastructure?

As long as all entitlements are paid in full as they fall due, where's the rpoblem?


cods will go hysterical.  How dare they dip into employee entitlements when there is zero expectation they cannot be met when they become due.!
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Re: Qld govt steal super
Reply #4 - May 24th, 2016 at 1:11pm
 
Govts should be issuing government guaranteed long term Govt Bonds which are available to super funds for this.

Of course this may be how it will be done!

Feds should be doing the same.
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Re: Qld govt steal super
Reply #5 - May 25th, 2016 at 10:35am
 
Grappler Truth Teller Feller wrote on May 24th, 2016 at 11:49am:
It is the entitlements that are currently under scrutiny..... remember that old 'age of entitlement' comment?

Tony's gu'mint  was indeed a gu'mint of watershed...... his glib comments and those of his cronies have finally driven the Australian people to near revolt.

BTW - how does a government super scheme have a surplus?  Are they cunningly investing it in Lotto tickets or something?


By putting money into the fund while the members are paying into the fund.
BTW, many people consider that the defined benefit super scheme, is the best thing, since sliced bread, which is a fallacy.
Most beneficiaries are on some 30k super,and when the means test of the age pension cuts in, they are only slightly better off than the full age pensioner, yet most of them have paid 6% of their wages, after tax, into the scheme on top of paying the taxes.

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Re: Qld govt steal super
Reply #6 - May 25th, 2016 at 7:51pm
 
Never mind Cods going hysterical

I turn 60 on Saturday ... being a late starter in super I don't want my forecast fund figures reduced.

It's not up to the govt to dip into the funds

how they are used should be entirely up to the bodies running the super funds how that money is invested

if they decide to invest in infrastructure so be it ...

but that will mean someone will be paying returns for that investment

and most likely that will be all of us.
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Re: Qld govt steal super
Reply #7 - May 25th, 2016 at 8:42pm
 
Gnads wrote on May 25th, 2016 at 7:51pm:
Never mind Cods going hysterical

I turn 60 on Saturday ... being a late starter in super I don't want my forecast fund figures reduced.

It's not up to the govt to dip into the funds

how they are used should be entirely up to the bodies running the super funds how that money is invested

if they decide to invest in infrastructure so be it ...

but that will mean someone will be paying returns for that investment

and most likely that will be all of us.



they are robbing peter to pay paul
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