Military to get defined contribution super schemeBY MARK SMITH | TUESDAY, 28 JUN 2016 12:29PMPeople joining the military will have a new defined contribution superannuation scheme from 1 July.
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The amount the Government will save on servicing military superannuation pensions, through the closure of the defined-benefit scheme (MSBS), is astronomical by any measure.
According to the most recent report by the Australian Government Actuary on the long term costs of military superannuation schems, the closure of MSBS will reduce projected unfunded liabilities by $202.5 BILLION over the next 40 years.
Report: http://aga.gov.au/publications...
Strange how a saving of this magnitude hasn't rated a mention (by any party) in the lead up to the 2016 election...