Ciobo and Pyne are pulling the pin, page-145

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Dave R

58,089 Posts.

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04/03/19

10:21

Post #: 37640504
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Originally posted by picastoc: ↑

Ahh, now I am across more details.

These leaving politicians (who expect to be on lower wages in Opposition) will receive the Average of the Past Three Years of their salary, indexed for life (of course). By staying, they would end up with a lower average. Ahhhh, now I get it.

Therefore, leaving was worth an additional $70,000 to their pension of approx. $200,000 for life and even their partners, after they die, will receive a portion of this for their lives. If they leave no partners but have dependent children, then the kids get a percentage of this payout. This is the Defined Benefit Pension which has been taken from the Public Service decades earlier. For example, in Victoria there was no Defined Benefit scheme since about 1970 thus only teachers who were still in the system at the time retained it. There would be unlikely to be anyone still teaching who could expect to get that these days.
As older teachers die, these pensions die with them.

As an ex-teacher, I sure know the value of these Defined Benefit Pensions and the fact that these were greatly valued and a source of envy by those teachers within the private sector of education. It was a perk available to the teachers within the public sector. They needed to complete I think it was 30 years of teaching and be at least 55 years of age before they could access it. Then they received 70% of their last salary.

Hence I failed on each of these grounds, lol. Now get about 70% of the Aged Pension although grateful for that!

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Watch out now picastoc since you have revealed you are an aged pensioner.
There are posters here who regard us as welfare bludgers and delight in posting such comments.
Dave R.
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