PENSION FUND by Pastor Paul Locke for loxland.com 12/03/2015
Old fashioned pension was introduced early in the twentieth century in Australia. Income tax was not applied to personal wages until then and the sole purpose of the tax was to provide old age pensions. There should be a mountain of money in this account, but successive governments kept raiding the fund that should be protected from being added to consolidated revenue. Superannuation funds are a travesty that does not serve an inclusive pension purpose.
Aging population is cited as a future problem of diminishing pension funding. This is a signal of government intent to pauperize the nation at the lower income level while at the same time making billionaires at the top end. To counter future funding problems a Pension Commission should be formed to care for and distribute pensions that accrue from normal Superannuation deductions. Like the Untouchables this Commission really cannot be raided.
Application of fund is to consolidate revenue that now becomes fund property detached from donors. This makes accounting seamless and workable without having a monolithic department imaging the role of present day private fund managers. This fund is to provide old age pensions that presently are the responsibility of government departments. All present day qualifiers for old age pensions should apply to applicants.
Management of funds by the Pension Commission is they become a bank to properly and promptly transfer funds without the usual commercial bank delays and costs. Investment of funds to be solely for residential mortgages for Australian Citizens with a guarantee of not to impose penalties when home values fall. A negotiated interest rate should not fluctuate; this causes great distress to borrowers. Home lending is the best and safest investment for funds.
Rich People can invest their own money in the same way as they do now with the exception of the mandatory deductions that will allow them to have a pension if they qualify. A standard deduction to the Pension Fund should be applied to all; then the rich can invest otherwise to provide a future income apart from a pension. Superannuation funds have been allowed to plunder contributions for too long and must stop now. This justice is better than sacrifice to God. (Isa 58:6)