Submission No. 99. 
Sent:	Sunday, 28 January 2001 8:05 PM
To:	super.sen@aph.gov.au
Subject:	Submission to the Senate Select Committee on Superannuation and  Financial Services

Dear Committee Members,

I am making this submission to express my concerns about the Military
Superannuation and Benefits Scheme (MSBS) of which I am a member.

I am fustrated with the current rules of the MSBS that prevent me from
rolling over my preserved benefit into another superannuation scheme of my
choosing, while the growth of that benefit is limited by being indexed to the
CPI.  I feel strongly that I am being treated unfairly compared with many
other members of the community, not the least of which includes former
Parliamentarians.

When I resigned from the RAAF in 1992, the unfunded productivity component of
my Employer Benefit was $67,644.  By June 30th 2000 this amount had grown to
just $78,720.  This represents an annual compound growth rate of less than 2
percent!  

This is my superannuation, earned through dedicated service to Australia.  I
believe it's unfair that I have no say in how these funds are managed.  Given
that I don't reach the normal retiring age in my current employment for
another 20 years, this situation places me at a severe financial
disadvantage.  The ability for me to roll these funds over into a
superannuation scheme of my choice would place me on a level playing field
with other Australians.

I believe a change of rules that would allow MSBS members to roll over into
another scheme would be consistent with the Government's push towards choice
of funds.  Moreover, it would be consistent with the basic Australian ethos
of equality and 'a fair go'.  It would certainly reduce the disparity between
the MSBS and the current Parliamentary Contributary Superannution Scheme,
which I understand allows Parliamentarians to take a lump sum on retirement
whether or not they have reached retiring age.  

I urge you to make the changes necessary to give Australians who have
dedicated part of their lives to the defence of our country a fair go when it
comes to being able to support themselves in retirement.