03/04/2025
“Outgoing ABC managing director David Anderson will remain one of the country's highest earners for the rest of his life despite quitting his $1.15million job – all thanks to you.
Under the Commonwealth Superannuation Scheme, Mr Anderson, who first joined the public broadcaster as a bike courier in Adelaide in 1989 and enjoyed a 35-year career at the ABC, is entitled to an annual CPI-indexed pension of at least 37 per cent of his final salary.
That would put the outgoing ABC boss's total taxpayer-funded annual pension at almost $430,000 – more than four-and-a-half times the nation's average income.
However, sources within the ABC have hinted Mr Anderson may have negotiated an even higher pension package.”
••••••••••••••••••••••••••••••••••••••••••
There is some confusion about a post I made the other day regarding means testing superannuation.
Just to clarify I am referring to defined benefit schemes such as the one above for bureaucrats excluding the military. Furthermore I am not referring to State schemes for teachers and nurses etc.
Defined benefits schemes are different to contribution schemes where the employer/employee pays circa 12% of their own wage into super.
Defined benefits are based on a percentage of a bureaucrats final salary and excludes what they themselves contributed. As you can see they are very generous. Paying out $400,000 a year for the next 30 years to a bureaucrat who was earning over a million a year just doesn’t pass the pub test.
Contribution schemes are different to defined benefits because the contributions are vested, unlike defined benefits which cost the taxpayer around $10 billion a year. (See below)
These gold plated defined benefit pensions is what needs to be means tested just like everyone else is means tested if they are to receive the age pension.
