Entitlement Spreadsheets

To assist you to determine if you have a claim for Breach of Trust Australian Guardians has developed as set of spreadsheets that will be provided to Members.

These spreadsheets will enable Members to:

Check whether or when a valid Condition of Release event has or will occur.

Allow you to calculated you “final average salary” if you are or were a Member of a final salary Defined Benefit Fund.

Allow you to check what lawful deductions the Trustee would be allowed to make to the salary amount that is or was reported to the Australian Tax Office by way of your Payment Summaries (Group Certificates).

Allow you to determine you Member’s Benefit Multiple and your lawful final salary Defined Benefit.

You can then compare this amount with the amount you were paid or the amount that your Trustee claims is your current entitlement.

An example final salary Defined Benefit for someone who retires at age 60 after 40 years of service with a final salary of $150,000 per annum is shown below (assuming salary increases at 4.5% per annum and the Member’s Benefit Multiple accrual rate is 15% per annum).

Notice that half the benefit accrues between the ages of 50 and 60. That is, it takes 30 years to accrue the first half of the benefit but only 10 years to accrue the second half. This explains why many Employers retrench Employees soon after they turn 50 in a blatant violation of the Age Discrimination Act 2004  which the Government refuses to enforce!

The next graph illustrates why many a “fast track” manager finds themselves retrenched retrenched in their early fifties in a blatant violation of the Age Discrimination Act 2004, which the Government refuses to enforce.

In this case the manager receives a promotion at 40, 45 and 50 and in on track to have final salary of $250,000 at age 60 with a final salary Defined Benefit of nearly $1.5 Million.

However the Employer can make big savings by retrenching this manager in his or her early fifties no matter how capable the manager is.

The reality is for many Australians Superannuation has cost them their jobs and cost them far more in lost salary or wages than the Superannuation benefit they receive.

Australian Guardians – Protecting your wealth when no one else will®


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