No, you've got it wrong. To buy an annuity equivalent to the pension for a couple would cost $800,000 on the open market from someone like Challenger, not including the additional benefits the Australian pension card provides.
This pension is provided free to the couple courtesy of the Australian taxpayer, largely because the couple have not provided any retirement savings for themselves.
So for most people why bother with any superannuation , unless they can save way more than $800,000?
Enjoy yourselves though life and when you retire let the government pick up the tab.
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