Celebrating 100 years: Paul's story

When Paul Shepherd started working in 1983 as a Procurement Officer with the Northern Territory Electricity Commission (NTEC), and was required to join the Commonwealth Superannuation Scheme, he had no idea how much opening a super account would become a game changer in his retirement.

“I was with the NTEC for almost 10 years before I transitioned to the next phase of my career in Queensland. Prior to this, I worked in the private sector and didn’t have any super accounts anywhere.”

When Paul left the NTEC in 1993, he chose to leave his superannuation balance with CSC as a Deferred Pension rather than move it to his new employer, the North Queensland Electricity Board. 

For the next 23 years, his account substantially increased in value until his retirement in 2014. And for this Paul is grateful.

“My super has provided me with a comfortable retirement. I’m happy that I don’t have to worry about simply surviving. And I don’t have to deal with Centrelink paperwork! I feel like I have my freedom and independence.”

At the time of his retirement, Paul could choose to receive a lump sum payout with a limited ongoing pension or take the entire account into pension phase. Supported with advice from CSC, he decided to leave his entire account with CSC and receive an ongoing pension payment that is linked to the consumer price index. Paul now looks forward to a fortnightly payment from CSC that almost keeps pace with inflation. This payment makes up a good portion of his retirement income stream. 

“‘My understanding is that my ongoing pension is a very small part of the Future Fund that is going quite well.”

A comfortable retirement for Paul means having the time and space to give back to his local community.

“I’m a Board Member of our Magnetic Island branch of the RSL. As the Membership Officer, I get to check in with the (mostly) old fellas. I love talking with them and listening to them share their stories. I like to help and provide them with information where I can.”

Furthermore, Paul agrees that making the most of your retirement years is certainly something worth planning for. Putting a few simple strategies in place can help you understand how much income you might need in the future, and he credits the support and service he continues to receive from our people.

“I remember how my mother lived quite frugally, always worrying about when the next bill was due and how it was going to get paid. I didn’t want that for my retirement.”