tag:blogger.com,1999:blog-24338064.post8614211886553750522..comments2024-02-11T19:28:27.997+11:00Comments on Personal Reflections: Sunday Snippets - writing, Naden, shield laws & problems with investmentJim Belshawhttp://www.blogger.com/profile/10075614280789984767noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-24338064.post-46154668460699496102011-12-12T08:51:32.630+11:002011-12-12T08:51:32.630+11:00Interesting if depressing, kvd. If my memory serve...Interesting if depressing, kvd. If my memory serves me correctly, this was the time when a number of then super funds (private as well as public) were raided on very similar grounds.Jim Belshawhttps://www.blogger.com/profile/10075614280789984767noreply@blogger.comtag:blogger.com,1999:blog-24338064.post-11508679844230623492011-12-11T16:24:03.452+11:002011-12-11T16:24:03.452+11:00Lottery - yes Jim
My description of Dad's tre...Lottery - yes Jim<br /><br />My description of Dad's treatment was very shorthanded, but reasonably accurate. My main memory is that his 'back-contributions' were a significant drain on family funds.<br /><br />My oldest brother, Brian, was the senior NCO in the Australian Army at the time of the robbery (sorry - redefinition), and one of his many duties was to be involved in the discussions around this (straight out theft) - scratch that - 'rearrangement of fiscal priorities to better reflect continuing monetary imperatives'.<br /><br />Or some such crap.<br /><br />kvdAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-24338064.post-29223541669759608922011-12-11T16:03:29.282+11:002011-12-11T16:03:29.282+11:00Understand your gripes, kvd. I still remember how ...Understand your gripes, kvd. I still remember how when I had to draw down on super the amount I got back was less than I had to put in after taxes and fees. It's become a bit of a lottery.Jim Belshawhttps://www.blogger.com/profile/10075614280789984767noreply@blogger.comtag:blogger.com,1999:blog-24338064.post-41021565568297653812011-12-11T14:53:16.300+11:002011-12-11T14:53:16.300+11:00Hi Jim
The super thing is a really sore point wit...Hi Jim<br /><br />The super thing is a really sore point with me I'm afraid. I basically hate the fact that 'the government' forces me to forego part of my present earnings towards future retirement. There are a couple of things which niggle in this approach:<br /><br />1) Historical. My father, every time he received Army promotion would 'buy back' his DFRDB contribution level, so that in retirement he was entitled to a higher pension. It wasn't called DFRDB back then, but who cares anyway, because in the mid 60's, I think, it became apparent that all of the contributions flowing into the DFRDB were far in excess of the proposed benefits, so what happened? Easy fix: the entire fund was 'absorbed' back into general revenues.<br /><br />Part of that present laughably named 'Future Fund' is probably still my own father's excess contributions to his never-claimed pension benefits.<br /><br />2) We are now in the position as both you and Verrender point out of very large salary confiscations flowing into badly managed super funds. And with that came the rise of yet another group of rent-seeking 'managers' each happily competing (with our money) to outdo each other in 'return'. Plus performance bonus, and early termination clauses, and free car parking at Sydney Airport for all I know.<br /><br />A pox on the lot of them. They are given free chips in the casino that is the Australia investment scene, and we are hit with paying them bonuses if they lose the least?<br /><br />Sorry for rant.<br /><br />kvdAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-24338064.post-52359903971549443102011-12-11T11:49:18.483+11:002011-12-11T11:49:18.483+11:00It is a good piece, Evan. I have actually written ...It is a good piece, Evan. I have actually written something on the super issue from a purely local perspective. I will put the link up later.<br /><br />The problem with private public partnerships, perhaps I should say one problem, is that they substitute for and are riskier than, the semi-government and direct state borrowings that they replaced. I think that have actually reduced super portfolio options.Jim Belshawhttps://www.blogger.com/profile/10075614280789984767noreply@blogger.comtag:blogger.com,1999:blog-24338064.post-83592279871113370122011-12-11T10:18:46.543+11:002011-12-11T10:18:46.543+11:00this is so I can get email commentsthis is so I can get email commentsEvanhttps://www.blogger.com/profile/13355215688351759230noreply@blogger.comtag:blogger.com,1999:blog-24338064.post-947193582038944922011-12-11T10:18:17.158+11:002011-12-11T10:18:17.158+11:00I loved Ian Verrender's piece. I always wonde...I loved Ian Verrender's piece. I always wonder how I can get the government to legislate so that people have to give me money and I can charge them for the privelege - a nice position to be in I think.<br /><br />And his point that more of the money could be spent in Australia on worthwhile things bears examination (though the history of public-private partnerships for toll roads isn't exactly inspiring!)Evanhttps://www.blogger.com/profile/13355215688351759230noreply@blogger.com