pommie bastard

The subject of self funded retirees has popped its head up on this forum a few times , most think that this applies only to the rich I should open your eyes to this scam while you are young enough.


Australia - Self-funded retiree couples now need $800,000 in interest earning assets to be as well off as Centrelink aged pensioners, a South Australian economist has warned.

Prescott Consultants chief economist Daryl Gobbett said a predicted fall in interest rates would see the already poor returns on investments deteriorate even further for struggling retirees.

Lowering of interest rates may prove a short-term boon for mortgage holders but retirees surviving on returns from their decades of savings are feeling the pinch as the rate of return reduces when interest rates fall.

"A self-funded retiree couple needs to hold at least $800,000 in interest-bearing assets to deliver an income equivalent to a Centrelink pension," Mr Gobbett said.

"Already many retirees who pay their own way are worse off than people who are getting a Centrelink pension. With falling interest rates obviously a lot of self-funded retirees are going to be left worse off again."

http://www.globalaging.org/pension/world/keepup.htm

Megalania

Whence goes Blighty?
Waking up to the pensions timebomb

pommie bastard

Off course again old son you get the state pension on top of your private pension in the UK no means tested shite or will there ever will be thanks to NI .
The Aussie system now is having as many problems but has this self funded retiree crap to cop out of keeping its aging population.

quote from your LINK.

'even those countries such as Britain with well-funded pensions systems '


http://www.mauricenistico.com/downlo...n%20Danger.pdf

Megalania

Mad Maggie II.

pommie bastard

She was very Australian and believed in the let them eat cake pension because under her bread was going to out of their reach.

Kiwipaul

Anyone anywhere in the world who thinks the state is going to look after them in their old age with anything but minimum requirements is deludeing themselves (one exception is politicians making sure Joe public look after them to the highest standard they can get).
It's up to everyone to make sure they have enough to ensure they have a comfortable retirement because I'm damn sure nobody else will.

pommie bastard

True so I gave up my Super last week after seeing the Aussie clowns runing it lost me another $20k last year.
You prefer not have a state pension to top up your private one , then stay in Australia and your wish will come true the buggers will even let pay for health care until you are potless.

chippy

Pensions are not worth a w**k. Never have been, never will be. Take responsibility for yourself and sort your life out, don't rely on government where ever you are. Spread your cash between savings, investments & property.

pommie bastard

Yes fine spoke like a guy who will see out his last days with sod all , I would love to be there the first time you are asked to pay for now you get free on the NHS or your kids schools asks for fees .
The goverment here will have their cut in many ways just hope you never ask for some back.

chippy

Now I know what language you are speaking.....its called bollocks is'nt it ?

The NHS is worse than useless, which is why I pay for private health care for me & family.
I'm already in the process of making provisions for being a wrinkly, and will have that taken care of, come the day.
Have you tried them new reality pills? If I were you I'd OD on em.

SteveBannister

You think private pensions are safe over here? My old company folded and I won’t see a penny of the money I paid in.

Even people aged 20 – 40 today will have no State Pension when they retire. The money they are paying in today gets paid straight out again to today’s pensioners.

Pensions black hole

By Ed Crooks, Economics Editor Published: July 28 2003 16:58

Corporate profits could stagnate for three years as a result of the additional payments companies have to make to their pension funds, the CBI has warned.
In analysis published today, the CBI says efforts to fill the £160bn pensions "black hole" faced by British business will hold back economic growth and hit tax revenues, further weakening the public finances.
They could also lead to more disappointing corporate earnings reports. The CBI has estimated that non-financial companies' total income - the national accounts measure most closely corresponding to pre-tax profits - could fall by about half a percentage point this year, next year and in 2005.
The CBI's calculations are based on the assumption of a £160bn shortfall between the assets and liabilities of British companies' pension funds. In accordance with pension rules, that shortfall ought to be redressed over the remaining service life of the fund - the average time members have left in service before they retire - which for British business is an average of 10-12 years.
Filling the hole would cost an average of £16bn a year. Assuming businesses will want to step the payments up gradually, the CBI says, based on reports from some of its members, the bill could rise from £8bn this year to £12bn next and £16bn in 2005.
Gordon Brown, the chancellor, forecast in April that business investment would grow by up to 5.5 per cent next year and by up to 6 per cent in 2005. However, the CBI expects it to rise by just 2 per cent or so in each of those years.
Ian McCafferty, the CBI's chief economic adviser, said: "An extra £8bn-16bn in pensions costs is absorbable, but it does constrain corporate income and investment. So the recovery in capital expenditure in this cycle is going to be relatively muted compared with the stronger recoveries in previous cycles that people look back to, and the Treasury's forecasts look over-optimistic."
He added that because pension costs are tax-deductible, the Treasury stood to lose another £2bn a year in corporation tax as a result of increased pensions contributions.
Some economists said the hit to company profits would not necessarily be as large as the CBI was warning: companies might choose to put off tackling their pension fund shortfalls fully until further in the future, and a sustained improvement in the stock market would make the problem seem less severe as funds were revalued.
Companies plagued by pension problems, such as Rolls-Royce, British Airways and BT Group, are the surprise stock market favourites of top investors. In a survey published in today's FTfm, seven of the 10 companies most exposed to the "pension crisis" have significantly outperformed the FTSE 100 index since March, when it hit its eight-year low.

pommie bastard

Tick tock you pay more and get less do these simple words sink in?

pommie bastard

But will get your state pension do not count on that here or free health care.

pommie bastard

Take a tip become an Abo.

THE Gallop Government yesterday tried to turn around claims that it failed to act on allegations of fraud at an Aboriginal health organisation, saying a former Liberal minister also did nothing when alerted to the problem five years ago.

After enduring a month of accusations that former Labor health minister Bob Kucera neglected to act on evidence of fraud, former Liberal minister John Day was forced to defend his apparent failure to take similar claims to police.

But Opposition Leader Colin Barnett described the claims as a shallow attempt by the Government to take the heat off Mr Kucera.

"That was a pathetic and dishonest attempt to divert attention from (Mr Kucera)," Mr Barnett said.

The controversy revolves around allegations that up to $1 million may have gone missing from the West Australian Aboriginal Community Controlled Health Organisation, a representative body for 19 separate health providers that received $605,000 a year from the state Government.

chippy

What relevance does this bear to my comment ? You really are losing it.