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Govt Workers Scammed?, page-4

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Gillysrooms

10,459 Posts.

145

27/04/18

20:50

Post #: 32733031
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Originally posted by baxtermcfaxter ↑

In the Commonwealth Government CSS scheme there is a provision to keep your lump sum in the scheme until you are 55 whether you are still employed by the govt or have been made redundant at any age prior to 55 ( or 65 if you so wish) .
The redundancy provision means that a pension would be calculated from the basic contributions and earning part of the lump
sum at the minimum age of 55 ( or later to any age to 65 if so wished )
The calculation is ( your lump sum of basic contributions plus earnings ) X 2.5 X 0.0925

Lets say after 35 years of service at age 55 the pension would be 48% , at 65 the maximum would be 52.5%..I recall
And lets say the salary is $50,000 pa with a super balance of $150,000 basic earnings and interest.

Retiring...So age 55 pension $24,000 at 65 pension $ 26,250

Resigning at 54 years and 11 months , rolling over the lump sum until you are 55 and then taking a pension is
$150,00 X 2.5 X 0.0925 ( 9.25%) equals $34,688

and you would ?

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Every payout and pension is different, but who was paying 9.25% pa and for how long? Was that an Annuity of capital and interest?
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