News Stories

Round Table to Give Banking and Superannuation Victims a Voice

Source: Susan Templeman MP, Member For Macquarie
Archived 16 Dec 2018 - Posted: 17 Oct 2018
Susan with John Cornish at his home in Kurmond
A retired RAAF Wing Commander and pilot says there are many residents silently suffering financial hardship as a result of their Commonwealth superannuation, yet the Federal Government refuses to allow the issue to be heard by the Banking Royal Commission.

John Cornish, says he and many current and former Defence Force personnel deserved to be heard.

“I am just one of thousands of people who have served our country, only to be left short in our retirement and we have been completely ignored and dismissed,” Mr Cornish said.

“The only superannuation fund to be left out of the Banking Royal Commission was the one that covers me and a large number of current and former ADF personnel.

“I have been fighting for years to have our voices heard about the inadequacy of the Defence Force Retirement and Death Benefits Scheme (DFRDB) and to be continually disregarded has left me and others in my situation in extreme stress over our financial future,” he said.

Federal Member for Macquarie, Susan Templeman, said Labor had called repeatedly for the Commonwealth Superannuation Corporation to be included in the Royal Commission hearings.

“The Commonwealth Superannuation Corporation (CSC) is a significant player in the superannuation sector, especially for our current and former Australian Defence Force (ADF) personnel yet it was excluded from the Royal Commission,” Ms Templeman said.

“There are serious issues around indexation and the advice Defence Force Members were given as young service personnel,” Ms Templeman said.

Mr Cornish said there are about 55,000 current and ex-servicemen and women in a very similar situation to him, but it could be as high as 230,000.

“I am now 74 and have to continue to work, as my pension is completely inadequate and not what I understood my entitlement to be when I left the service,” Mr Cornish said.

“After 20 years in the ADF, which involved moving my family to many locations, I was encouraged, like many others, to commute part of my pension to purchase a house. 

“My life expectancy was calculated as 61 years of age. When I asked what happens if I live longer, I was told I’d be paid back my advance and would return to a full pension, but that didn’t happen,” Mr Cornish said

Ms Templeman said local residents will be given the opportunity to share their own stories at a Banking and Superannuation Victims Round Table to be held on Friday 19 October in Windsor.

Ms Templeman said the meeting was one of series of roundtables being held across Australia to allow more people to have their say into the misconduct in the financial services sector.

“The Banking Royal Commission handed down its interim report after hearing from only 27 customers, despite receiving more than 9300 submissions,” Ms Templeman said.

“After the Government was dragged kicking and screaming into holding a Banking Royal Commission, it is now resisting Labor’s calls to extend the timeframe and terms of reference to allow more people to share their stories.

“It’s important for people to tell their stories, because they are in a position to tell us what we can do to make the rules fairer.”


Banking and Superannuation Victims Round Table

Date:
Friday 19 October 2018

Time:
3pm – 4pm

Venue:
Office of Susan Templeman MP, 299 George Street, Windsor

RSVP:
02 4573 8222 or email: Susan.Templeman.MP@aph.gov.au

 
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