or maybe the pension should be reduced, and people forced to provide, and save for retirement honestly, I think people know how generous the pension is, so they just do not save.... everyone knows someone on the pension I have seen somewhere, the average super balance held in accounts, currently is only about $250k so those people will still be able to get the pension
they are not self funding their retirement on that amount of money
on the other hand, in the future there could be a crisis, and the pension is reduced, or not available...
thought there was something like that happened to the greeks in their crisis last year ....the govnut was bankrupt and could not afford to pay such a generous handout
my father worked until his death at age 84, he refused to accept a govnut handout....at that time the pension, if it was available would have been minuscule, compared to todays generous benefit
the compulsory super has been available since 1986, so there is 27 years savings, that should be available for the current crop of retirees maybe the asset and income tests should be reduced to weed out the others
