We should have a universal pension when you get to pension age at the moment the tax forgone by government is equal to the AP and then there is the $30 billion a year the super industry charge its members ,increasing the super levy increases the tax deductions and decreases the tax take then the planner get more fees,then the union movement have their snouts in the trough and pas the money on to the Labor party,what agreat little earner for Labor no wonder Keating defends it. We need a universal pension where everyone would know what they were guaranteed to receive each fortnight,we have a mandated levy we pay but we don't know what we will get back out of super and I would not trust the devious bastards in the finance industry with my money.I believe the super system in Australia will turn out to be a giant ponzi scheme that in the end will pay out less than they take and then the government will have to make up the difference.
