Malcolm Fraser stole your lifetime pension contributions

Nick Minchin accused of lying about pensions

Nick Minchin accused of lying about pensions

Letter to the Editor

THE TRUTH ABOUT PENSIONS DEFIES THE LIES OF LIBERAL AND LABOR

Nick Minchin on the Tony Jones ABC TV Program Q & A 11/09/2008 stated quite clearly that funds were not, have not and are not collected and held in a bank account waiting for the government to pay it out in the form of the Old Age Pension, or words that meant, “exactly this.”

As an ex Australian Federal Government Finance Minister,  Minchin knows that this statement on that television program, was a blatant lie (and he said it with a look of sincerity on his face, the ability of doing so obviously a political prerequisite).

Well, it certainly was collected, but it amassed such huge amounts, this government and those preceding, couldn’t help themselves and have spent billions of it over the years in a manner they had no right to. “the money earned by the people themselves through hard work and often deprivation ( as a legislation obligation part thereof was collected by the Tax Department for this very purpose ) was in fact and still is, collected as a tax originally, specifically and intentionally so as to fund, “The Aged Pension.”

To dispel some misinformation currently being promoted by Party Politicians and their spin doctors and lying ex Ministers, listed here are some historical facts every Australian, especially the young who are under the miss-guided belief and/or assumption that they are funding the Aged Pension from their current hard work; They Are Not, they’re funding their own Pension Fund; a fund that governments have no intention of paying and to add insult to injury, legislate to force you to pay into a Super Fund to boot. 1939-1945 WORLD WAR II 1942-1943

As a Wartime measure, the Federal Government gained sole control over Australian Income Tax. Labor Prime Minister ( Ben Chifley ) introduced three bills to establish the National Welfare Fund, to be financed by a Compulsory Contribution (levy) of one and sixpence in the Pound (20/- ) on all personal income. 1946 Opposition Leader (Robert Menzies) stated that the Compulsory Contribution (levy) should be kept completely separate.

That it should be shown separately on the Taxation Assessment and paid straight into a “TRUST” account and not mixed with the General Revenue. Menzies said “The stigma of charity should be removed from the Age Pension.” ”It should be an entitlement earned by the person’s personal contribution to the fund.” Prime Minister Chifley agreed and established

Western Australian correspondent says Liberals stole the pension fund

Western Australian correspondent Wayne Glew says Liberals stole the pension fund

The National Welfare fund as at 1/1/1946. A “Trust” Fund with the Parliament as “Trustee.” The Compulsory Contributions (levy) commenced as at 1st January 1946. It was shown separately on the personal Tax Assessments for 1946, 1947, 1948, 1949 and 1950 And the compulsory levy was properly paid straight into the Special “Trust” fund And Welfare claims were paid out of the fund. The balance in the fund in 1950 was almost 100 Million Pounds. 1949 Robert Menzies became Prime Minister and he introduced Bills to amend the acts governing the National Welfare Funds. The Compulsory Contributions (levy) was then grouped with the Taxation Assessment and appeared as one amount on the Taxation Assessments and was paid as one straight into the Consolidated Revenue Account. 1951-1985

The Compulsory levy of 7.5% now included in the tax continued to be collected and placed in the Consolidated Revenue Account treated as General Revenue and spent, until 1985. 1974-1975 Labor Prime Minister (Gough Whitlam) abolished income test for all persons 70 years of age and over and paid pensions to all people over that age.

1975 Liberal Prime Minister (Malcolm Fraser) cancelled the Witham achievement of abolishing the test for all 70 years of age and over.

1977 Liberal Prime Minister (Malcolm Fraser) with Treasurer Philip Lynch) transferred the balance in the Welfare Fund Account (approximately $ 470.000.000) to Consolidated Revenue Account.

1985 The Hawke Labor Government repealed acts No. 39, 40, and 41 of 1945 (The National Welfare Fund Acts). Thus the funds finally ceased to exist yet the 7.5% levy continued to be collected as a proportion of the Income Tax revenue. It also introduced the (much maligned) Income and Asset Tests, thereby excluding millions of levy and tax paying Australians from receiving Social Services Pensions.

This money these self-funded contributions paid as a percentage of the total income tax collections are today worth far more than the amount of means tested pensions paid out. Actuaries have calculated the non-means tested entitlement due to each retiree, today is in excess of $ 500 per week. This surely debunks the politician’s claim that the generation are paying a proportion of their current taxes to cover the payments made to pensioners.

The obvious short fall has been swallowed by the government’s Taxation Black Hole. The historical summary above highlights the fact that politicians of opposing political parties each contributed to the agenda to destroy the entitlement as it was intended why? When it clearly would not have been the will of the people. While Party Politicians are controlled by a few people who are hidden from public view yet are open to Manipulation and Outright

Corruption, there can be no certainty of the payment of pensions. Only a majority of truly Independent representatives can bring about a change from Government under corporate control, to Government for the People, of the People, by the People. Just because a cabal of political miscreants become so GREEDY and they change the way a tax looks in the Ledgers.

THIS IN NO WAY REMOVES THE FACT THAT THIS TAX IS TILL COLLECTED AND IS SO COLLECTED STILL TO THIS DAY TO PROVIDE FOR THE SUPPLY AND CONTINUATION OF THE OLD AGE PENSION. A STIPEND TO THE ELDERLY CITIZENS OF THIS COUNTRY WHO HAVE WORKED FOR DECADES OF THEIR LIVES TO BUILD A NATION AND HAVE FROM WORKING DAY ONE OF THEIR LIVES, BEEN PAYING 7% PLUS OF THEIR TAXES DIRECTLY TOWARDS THIS PENSION.

The old age pension is not a privilege; Is not a right; Is not a gift; Is not even welfare; The Old Age Pension is an asset; Owned and accrued by each Australian Citizen who has funded this asset from their very own purse. The governments of the day were employed to amass, secure, invest and manage a fund that in its first 5 years bulged to almost 100.000.000 Pounds (am amount in that day that equated in that day in this day’s dollars and cents, to approximately AU $240 million give or take a million or two).

They did amass, secure, invest and manage and the figures were colossal and frightening to them and hence they conspired to hide them back into the Consolidated Revenue Bucket and to this day, the bucket has been brimming with a 7.5% tax collected specifically and only, for the Old Age Pension. No young Australians!

You are not paying for the welfare of Baby boomers, you are paying for yourselves, new immigrants, the needy in society requiring social services and welfare, dole recipients and the bludgers, BUT YOU ARE NOT PAYING FOR THE OLD PENSION OF ELDERLY AUSTRALIANS WHO HAVE WORKED ALL THEIR LIVES IN THIS COUNTRY AND PAID THEIR DUE FAIR SHARE OF TAXES.
from Wayne Glew, Western Australia

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Posted on January 18, 2017, in age pension, agenda21, Banks, big brother, Food Security, General, Katters Australia Party and tagged , , , . Bookmark the permalink. 11 Comments.

  1. Add to this the Labour party’s compulsory super fund that was not protected from corrupt financial advisors who handed the money out to under qualified investment projects that paid the biggest commission and were doomed to fail leaving the super funds bankrupt and you have the biggest theft from the people of Australia ever recorded. Now they abuse us with slogans like the age of entitlement is over. These people must be held to account for their gross mismanagement of our money.

    • David Brittain

      Kim under the original legislation industry funds were set up to protect ordinary people . These fund were and are balanced with representation from employer and union groups. They are proven to be safe and perform much better than banking industry funds.
      John Howard gave us choice. Why ? so his mates In the banking industry could grab a bigger share of these funds. . The LNP is still attacking these funds today on behalf of the banks , by forcing ” independent directors” on them . These ” independent directors ” are nothing more than IPA affiliated stooges that will rape and pillage the funds on belf of the banking industry, ruining their good reputation of careful management and forcing people back to the safety of the big banks.

  2. Thank you for caring. I am a Australian of 71 age wh had been rejected from receiving the pension whilst overseas : currently helping the poor in Cambodia with getting their lives back into place. Yet my 51 years of paying tax. Has no bearing. and NO right to the Age Pension as far as Centrlink is concerned

  3. Australia-USA-Germany you named. I am a 66 year old German with a huge pension of 550 Euro a month, existence minimum in Germany are 1070 Euro a month.
    But I just working 50 years in the construction industry, a politician works for maybe 4 Years in whole life, don’t pay taxes and get 15 to twenty times more pension, bonus and black money not included, is fair from a crooks vision, what you think????

  4. Maybe some sort of class action should be taken to recover the money that has been squirrelled away into consolidated revenue and not used for its allocated purpose. Perhaps ex politicians should forego their payments privileges and perks and those monies returned to pensioners and pressure be brought to bear on current and future governments to make sure monies are collected as originally intended and secured into a trust account for the age pension payments. Such trust fund should be independently audited and shown separately to consolidated revenue in all future government budgets and never be allowed to be removed from that account for anything other than paying out aged pensions irrespective how much money sits in that account nor how broke the country may become. After all it’s the people’s money only to fund their retirement which they have earned by spending a large part of their life working and paying their monies into this fund.
    Any political candidate that is prepared to ensure this will happen will get my vote.

    • I agree. A class action needed but which law firm would oversee it?

      • Maybe one can be found that would take a percentage. Of funds recovered ;
        I’m certainly behind such an action. I’m 71. a resident of Australia all my life and have been refused because I currently reside in Cambodia. A disgrace as I’m a vet of the 60s :
        out serving any of these wimp politicans who take home millions in their lifetime

  5. At last, someone else knows about the 7.5 percent that we have and are all still paying for the Age Pension. Wayne Glew from Western Australia.
    I used to help my dad do his taxation as he was losing his sight and I can remember seeing on the top of the taxation form the 7.5 Welfare Levy and I asked him what it meant, he explained that it was our old age pension.
    Then in later years I had a friend who worked for an MP and I was given a copy of a newspaper cutting that had been written about just this topic and how they were misleading our young people into thinking they are funding us for the old age pension.
    I have approached many people MP’s and other Parlimentary Members and the taxation Department but they don’t want to know. This man also mentions about the Super Funds and how there is no solid guarantee that their money will be there when they go to claim it.
    We had not been in a Superannuation Fund all our working life, we invested it with a Financial Advisor in 2004, then in 2008 there was a drop in the market and we lost 46percent of our funds.
    I agree there should be a class action against the government for our pension rights.

    Carol

    • Hi Carol find a friendly senator and get him or her to run with your story and the need for a class action.Ed

      • Roberto Markham

        The words “Friendly” and “Senator” really cannot be used in the same sentence. No politician is friendly to a taxpayer. They are there for one reason only – looking after number one. Thieves one and all.

  1. Pingback: Malcolm Fraser stole your lifetime pension contributions | cairnsnews.org | Cranky Old Crow

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