Is my QANTAS superannuation secure?
Join Date: Feb 2011
Location: Exiled in the Ukraine
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bonvol,
Make an appointment with your accountant or financial advisor, it will cost you less in the long run than taking or seeking advice on pprune. This is not the place you want to be taking advice on financial matters from (no offense to anyone intended!).
Good luck with it.
Make an appointment with your accountant or financial advisor, it will cost you less in the long run than taking or seeking advice on pprune. This is not the place you want to be taking advice on financial matters from (no offense to anyone intended!).
Good luck with it.
Join Date: Dec 1998
Location: Sydney
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Hey, I'm not even in it but as I recall the TAA defined benefit scheme was unfunded and when the you know what hit the fan in 89 the TAA pilots had some nervous moments till the government stumped up the loot. Teresa Green will probably know the facts.
Bonvol
The TAA / Australian scheme was fully funded. All participants were paid their due. It is rumoured that after all the resigners had been paid out, the unmentionables that remained got to split up the residual as the fund was wound up. If they didn't get it the company would have. Either way it didn't go to those who had contributed the bulk of the accumulation.
The concern that you heard of was in all probability, the concern that pollies such as that worm Holding, were calling for the government to confiscate our entitlements and permanently revoke our pilot licences. Nice lot, eh.
Maui
The TAA / Australian scheme was fully funded. All participants were paid their due. It is rumoured that after all the resigners had been paid out, the unmentionables that remained got to split up the residual as the fund was wound up. If they didn't get it the company would have. Either way it didn't go to those who had contributed the bulk of the accumulation.
The concern that you heard of was in all probability, the concern that pollies such as that worm Holding, were calling for the government to confiscate our entitlements and permanently revoke our pilot licences. Nice lot, eh.
Maui
Join Date: Sep 2007
Location: Bega
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You may recall Qantas making capital deposit to top up the defined benefit account in times of low market returns. In a defined benefit scheme the company absorbs the risk. In your member and company accounts your absorb the risk by receiving whatever the credited interest rate return is the period.
When companies suffer financial distress they do prioritise their debt obligations and while a legal debt maybe outstanding when that debt is met can be a 'how long is a piece of string' just as Ansett employees discovered, as stated these were entitlements not superannuation.
As many here have said seek an independent professional opinion however all be an outstanding legal obligation if there's no money in the pot, there's no money in the pot.
When companies suffer financial distress they do prioritise their debt obligations and while a legal debt maybe outstanding when that debt is met can be a 'how long is a piece of string' just as Ansett employees discovered, as stated these were entitlements not superannuation.
As many here have said seek an independent professional opinion however all be an outstanding legal obligation if there's no money in the pot, there's no money in the pot.
