Letters - One size doesn't fit all
Dear Sir,
I am writing in reply to the Point of View article titled “The Aussie Super Pension Scandal” (Money Management, May 11).
Dear Sir,
I am writing in reply to the Point of View article titled “The Aussie Super Pension Scandal” (Money Management, May 11).
I have consulted with 15 state government employees regarding the First State Su-per offer. Fourteen have been advised to remain in the existing fund and retain their entitlements.
The one member whose case prompted me to switch to the new fund was a young policewoman about to leave the service to move to Queensland, with no intention of returning, and who was entitled to the increased resignation money as a non-preserved benefit.
She was looking for money to buy land to build a family home and decided the money now was more important to her and her husband than benefits in 28 years time, (or perhaps 33 years if retirement age is extended to 65).
After conducting a straw poll of my colleagues, about 75 per cent of our dealer’s recommendations have been to retain their existing pension entitlement.
Each individual cause still needs to be assessed on its merits. One shoe does not fit all.
Martin Barnes
Authorised Representative
Charter Financial Planning
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
