❓ Question regarding the stalled mutualisation of the Government Employees Superannuation Board (GESB) and the introduction of choice of superannuation fund for public servants. The answer clarifies the government's revised policy and the status of GESB Mutual Ltd.
AnsweredQoN 5768Legislative Assembly
QuestionView source ↗
(1) Why has the mutualisation of the Government Employees Superannuation Board (GESB) not been finalised, and the capacity for public servants to be able to choose their superannuation fund not been introduced?
(2) Given comments that GESB mutualisation was ceased because of declining reserves and tax status concerns, will the Government proceed to implement choice of fund legislation; and
(a) if not, why not?
(3) If mutualisation is not proceeding has the GESB Mutual Board been suspended; and
(a) if not, how many meetings has the GESB Mutual Board had and what are they working on?
(4) What payments have been made to the GESB Board?
(2) Given comments that GESB mutualisation was ceased because of declining reserves and tax status concerns, will the Government proceed to implement choice of fund legislation; and
(a) if not, why not?
(3) If mutualisation is not proceeding has the GESB Mutual Board been suspended; and
(a) if not, how many meetings has the GESB Mutual Board had and what are they working on?
(4) What payments have been made to the GESB Board?
AnswerView source ↗
Answered
1 August 2011
Response time
46 days
(1)
In April 2010, the State Government announced its revised policy that the planned mutualisation of GESB would not proceed and that legislation providing for the introduction of Choice of Fund would be drafted.
(2)
The Treasurer introduced a Bill to Parliament on 15 June 2011 which will introduce choice of super for WA Public sector employees.
(3)
GESB Mutual Ltd was de-registered on 5 January 2011.
(4)
GESB Board remuneration is determined by the Responsible Minister on the recommendation of the Minister for Public Sector Management. The Chairman of GESB currently receives $115 976 per annum and Employer/Member directors are entitled to receive $57 988 per annum. A Board Director who Chairs the Audit and Risk Committee is entitled to an additional payment of $5 450 per annum. The Board have also determined that a Board Director who Chairs the Investment Committee is entitled to an additional payment of $8 720 per annum.
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In April 2010, the State Government announced its revised policy that the planned mutualisation of GESB would not proceed and that legislation providing for the introduction of Choice of Fund would be drafted.
(2)
The Treasurer introduced a Bill to Parliament on 15 June 2011 which will introduce choice of super for WA Public sector employees.
(3)
GESB Mutual Ltd was de-registered on 5 January 2011.
(4)
GESB Board remuneration is determined by the Responsible Minister on the recommendation of the Minister for Public Sector Management. The Chairman of GESB currently receives $115 976 per annum and Employer/Member directors are entitled to receive $57 988 per annum. A Board Director who Chairs the Audit and Risk Committee is entitled to an additional payment of $5 450 per annum. The Board have also determined that a Board Director who Chairs the Investment Committee is entitled to an additional payment of $8 720 per annum.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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