Why do I not have 'Save as' and 'Versions' in Mountain Lion 10.8.2

I know these features were brought back in Mountain Lion but I don't seem to have it. I think I didn't have it when I was running 10.8.1 as well.
Most of my iWork software does a strange thing by saving the file with a '~' at the end of the name, when ever I make changes. This seems to be acting like a backing up system. How do I get back 'Save as' and stop this whole '~' thing?
Any help will be greatly appreciated.
Thanks

I don't know what's going on here.  I have tested Numbers, Keynote and Pages in all cases Duplicate changes to Save As, Close changes to Close All, simply by doing this... In the Menu Bar, Select File hold the Option Key [alt] click Save As give it the new name, select iCloud or your Mac from the Dropdown Where list click Save.

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