Australian military pensions

[scott h]

3 hours ago, Mike J said:

Armed Force officers

I wonder if that is a misprint also.......guess they dont want us scum enlisted swine to retire here 

43 minutes ago, BrettGC said:

It's available to Australian ex-military. 

I will ask the question Brett without making a new topic, . But when I was last in Australia, I met and became buddies with an Ozzie army Sergeant. If I understood him right, the AAF dont get pensions like us Yanks do, more of a joint savings plan. If that is right I wonder if that counts as "pension",,,,just curious is all.

[BrettGC]

19 minutes ago, scott h said:

I wonder if that is a misprint also.......guess they dont want us scum enlisted swine to retire here 

I will ask the question Brett without making a new topic, . But when I was last in Australia, I met and became buddies with an Ozzie army Sergeant. If I understood him right, the AAF dont get pensions like us Yanks do, more of a joint savings plan. If that is right I wonder if that counts as "pension",,,,just curious is all.

They discontinued the pensions in 1991, if you joined prior to that, you had the option of staying in the pension scheme or moving to the new system.  I stayed in the pension scheme.  The joint savings plan is similar to your 401K in the US but the employer contributes 9.5% of your gross income in addition to your own contributions.  Then the government pulled a bit of a swifty, and when the new plan was instituted they stated you'd be able to take your own contributions when you left the service and it would be fixed at 15% per annum growth whilst you were still contributing,  but the employer benefits had to be preserved until you were 60.  About 5 years later they made it market variable and you couldn't access your own contributions until aged 60... When I was making my decision as to which way to jump, a wise man (my father) told me to "stay right where I was, the government never does anything that doesn't benefit the government." 

TL;DR:

I receive a pension indexed at the annual inflation rate, those that joined after 1991 are subject the to the same superannuation (401K) rules as the rest of the country i.e. you can't access any of it until you're 60. 

Edit:  And I still have a preserved benefit (employer contribution) that's been growing and I've continued to contribute to that I'll be able to access at 60 as either an allocated pension or a lump sum.  

Edited October 7, 2021 by BrettGC

[Dave Hounddriver]

42 minutes ago, scott h said:

guess they dont want us scum enlisted swine to retire here 

I was once very friendly with a retired army guy on a military visa.  He explained that they do not differentiate between commissioned officers and NCOs so you're good to go. 

[Eddie1]

41 minutes ago, Dave Hounddriver said:

I was once very friendly with a retired army guy

Just the one time then Dave?     What happened, he didn't really float your boat huh?  You can share it to the forum, we won't tell anybody.

 

[Jollygoodfellow]

12 hours ago, BrettGC said:

superannuation (401K) rules as the rest of the country i.e. you can't access any of it until you're 60.

I got my super at 57 two years ago but that was lump sum and 57 was the preserved age.

[BrettGC]

14 minutes ago, Jollygoodfellow said:

I got my super at 57 two years ago but that was lump sum and 57 was the preserved age.

Yeah mate, I was born in 69 so can't touch it until 60.  

[Jollygoodfellow]

Just now, BrettGC said:

Yeah mate, I was born in 69 so can't touch it until 60.  

Ah ok, young fart 

[Mike J]

7 hours ago, Jollygoodfellow said:

Ah ok, young fart 

Just a wee bit of a lad.