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The Ageing Public Servants
Topic Started: 19 Sep 2015, 11:43 AM (4,415 Views)
peter fraser
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stinkbug
20 Sep 2015, 07:05 PM
It's hardly worth it mate. If it isn't reported in popular media and doesn't fit the narrative it doesn't exist...

FWIW, you are absolutely right with this.
Thanks. I'm staggered by the complete ignorance of some here.
ThePauk
20 Sep 2015, 07:10 PM
I am amazed at your complete denial of the actual facts, yet somehow not surprised.
Oh I'm 100% sure of my facts, and you have just confirmed just how reluctant you are to learn anything.

Your lack of knowledge is breathtaking.
Edited by peter fraser, 20 Sep 2015, 07:56 PM.
Any expressed market opinion is my own and is not to be taken as financial advice
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Loki
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peter fraser
20 Sep 2015, 06:25 PM
You do know that governments never fund future superannuation liabilities for the public service, in fact all superannuation funds work that way. They payout with the funds they have collected, and future payouts will be funded by funds deposited between now and then.
No, that's false. Superannuation funds are defined contribution funds not defined benefit funds. AUM always equals AV. If it doesn't then the trustee is stealing or defrauding the fund.
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That's why they employ actuaries to work out what they can pay out now and what will be collected over time vs what they will be paying out in the future. It's a balancing act, but it's always been that way.
Complete tosh, at least as far as private superannuation funds are concerned. The government run a defined contribution fund as a defined benefit fund because they have the power of taxation, so they can always pay out future liabilities by raising taxes. A private fund cannot do this.

Actuaries are employed to calculate the liabilities of defined benefit products, not defined contribution funds.

peter fraser
20 Sep 2015, 07:53 PM
Thanks. I'm staggered by the complete ignorance of some here.
Maybe you should take a look in the mirror.
Edited by Loki, 20 Sep 2015, 09:06 PM.


“Talk sense to a fool and he calls you foolish.” - Euripides
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The Whole Truth
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Peter makes his living off of people being deeply in debt to the banks. How could you expect him to consider savings as anything other than an evil habit from another age.
All this crap will be gone soon thank god, everyone will be terrified of debt and save like demons and peter will return to whatever job he was doing before he peddled mortgages.

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And one of ginger rogers, whoever the fuck she was.

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"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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Ex BP Golly
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Loki
20 Sep 2015, 09:04 PM
No, that's false. Superannuation funds are defined contribution funds not defined benefit funds. AUM always equals AV. If it doesn't then the trustee is stealing or defrauding the fund.

Complete tosh, at least as far as private superannuation funds are concerned. The government run a defined contribution fund as a defined benefit fund because they have the power of taxation, so they can always pay out future liabilities by raising taxes. A private fund cannot do this.

Actuaries are employed to calculate the liabilities of defined benefit products, not defined contribution funds.


Maybe you should take a look in the mirror.
Government and "opposition" behavior is plainly criminal.

The king is, after all a subject under the law!
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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herbie
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Ex BP Golly
20 Sep 2015, 09:41 PM
Government and "opposition" behavior is plainly criminal.

The king is, after all a subject under the law!
Your good self VERY obviously excluded Golly, there's a bunch of current commenters here I've pretty much just mentally classified as Chicken Little 01 through to about Chicken Little 05 maybe?

With the single most absolute standout know nothing numptie being classified as Hypocrite Dumbie 01 - And thereby in an otherwise almost unclassifiable class ALL on his own - Which really is a pretty exceptional performance in it's own mind numbingly repetitively and boringly potentially somewhat 'interesting' way ... :)

Hmmm - Anyway ... The King is subject to the Law? Well Yes; But not really if 'He' has the ability to change the Law hey?
Edited by herbie, 21 Sep 2015, 12:42 AM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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stubby
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ThePauk
20 Sep 2015, 04:53 PM


"The Australian Government Future Fund is an independently managed sovereign wealth fund into which the Australian Government deposits funds to meet the government's future liabilities for the payment of superannuation to retired civil servants of the Australian Public Service yada yada yada
Nowhere is it suggested that the Future Fund is to be the *exclusive* source of funding for these future liabilities.

Instead the fund has specific capital accumulation objectives--which will be comfortably achieved, on current performance--and a target for drawing down that capital in the 2020s and well beyond. Far from being a crisis, eventual exhaustion of the Fund is by design.

But of course, it is easy to find doomers who think otherwise.

:lol :lol :lol

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stinkbug
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stubby
21 Sep 2015, 08:31 AM
Nowhere is it suggested that the Future Fund is to be the *exclusive* source of funding for these future liabilities.

Instead the fund has specific capital accumulation objectives--which will be comfortably achieved, on current performance--and a target for drawing down that capital in the 2020s and well beyond. Far from being a crisis, eventual exhaustion of the Fund is by design.

But of course, it is easy to find doomers who think otherwise.

:lol :lol :lol
It would be nice if the government in place when 2020 rolls around modified the plan so as to only use yield from the future fund, and allow the asset base to keep increasing. Given another 20 or 30 years, there could be a seriously large chunk of money there.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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ThePauk
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stubby
21 Sep 2015, 08:31 AM
Nowhere is it suggested that the Future Fund is to be the *exclusive* source of funding for these future liabilities.

Instead the fund has specific capital accumulation objectives--which will be comfortably achieved, on current performance--and a target for drawing down that capital in the 2020s and well beyond. Far from being a crisis, eventual exhaustion of the Fund is by design.

But of course, it is easy to find doomers who think otherwise.

:lol :lol :lol
Oh, so you do now acknowledge that the FF is for the PS Supers. Well done.
Yep, not the onoy source of funds that will be required. Taxation will pay the balance.
Edited by ThePauk, 21 Sep 2015, 09:54 AM.
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stubby
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ThePauk
21 Sep 2015, 09:53 AM
Oh, so you do now acknowledge that the FF is for the PS Supers. Well done.
Yep, not the onoy source of funds that will be required. Taxation will pay the balance.
When did I ever not?

You started this whole Chicken Little thread with frenzied panic over the rather mild and predictable ageing of the Public Service. All to be expected given the push to lengthen working lives.

You then followed up with agonised handwringing over the eventual exhaustion of the Future Fund. So what? It was planned that way.

Are there any other crises you'd like to invent before this non-event of a thread is put to bed?

:lol :lol :lol
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ThePauk
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stubby
21 Sep 2015, 10:23 AM
When did I ever not?

You started this whole Chicken Little thread with frenzied panic over the rather mild and predictable ageing of the Public Service. All to be expected given the push to lengthen working lives.

You then followed up with agonised handwringing over the eventual exhaustion of the Future Fund. So what? It was planned that way.

Are there any other crises you'd like to invent before this non-event of a thread is put to bed?

:lol :lol :lol
Ok, so you disagree with Peter as his view is the FF has noting to do with the PS Supers. Got it.
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