❓ A parliamentary question regarding the delayed mutualisation of the Government Employees Superannuation Board (GESB) and the introduction of choice of superannuation fund for public servants, focusing on reasons for delay, board activities, and director remuneration. The answer outlines issues hindering mutualisation and explains the current status.
AnsweredQoN 675Legislative Assembly
QuestionView source ↗
(1) Why has the mutualisation of the Government Employees Superannuation Board (GESB) not been finalized and the capacity for Public Servants to be able to choose their superannuation fund not been introduced?
(2) Given comments that GESB mutualisation has 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 has 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
5 May 2009
Responded by
Minister for Commerce
Response time
34 days
(1) Several major issues that affect the mutualisation of GESB need to be resolved before the reform process can proceed to finalisation. These issues include the tax status of West State Super, the value of the Government Employees Superannuation (GES) Fund reserves, and a number of administrative matters including the finalisation of service agreements. The tax status of West State Super and valuation of the GES Fund reserves are outside the State's control and involve negotiation and analysis by third parties, including the Commonwealth and actuaries respectively.
(2) Introduction of Choice of Fund without mutualisation of GESB would require amendments to the legislation. This would not be considered while the issues previously noted are still in the process of being resolved.
(3) The GESB Mutual Board has not been suspended while a decision about GESB's mutualisation is pending.
(a) The two Boards within GESB mutual have met 12 times since their inception in January 2008. The Boards have been working on general board matters and post?mutualisation issues.
(4) The GESB Board directors are remunerated as detailed below. Apart from
Mr Michael Court, all GESB Board members are also directors on the GESB Superannuation Pty Ltd Board. Mr Harvey Collins is also a director on the GESB Mutual Board. Fees and allowances are paid to directors of these Boards.
GESB Board Fees and Allowances
Mr Phillip Harvey
$106,400 per annum
Mr Harvey Collins
$53,200 per annum
Mr Michael Court
Nil (public sector employee not eligible for sitting fee)
Mr Matthew Farrell
$53,200 per annum
Mr Richard Alder
$53,200 per annum
Mr Derek Spray
Nil (public sector employee not eligible for sitting fee)
Mr Robert Lewtas
$53,200 per annum
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(2) Introduction of Choice of Fund without mutualisation of GESB would require amendments to the legislation. This would not be considered while the issues previously noted are still in the process of being resolved.
(3) The GESB Mutual Board has not been suspended while a decision about GESB's mutualisation is pending.
(a) The two Boards within GESB mutual have met 12 times since their inception in January 2008. The Boards have been working on general board matters and post?mutualisation issues.
(4) The GESB Board directors are remunerated as detailed below. Apart from
Mr Michael Court, all GESB Board members are also directors on the GESB Superannuation Pty Ltd Board. Mr Harvey Collins is also a director on the GESB Mutual Board. Fees and allowances are paid to directors of these Boards.
GESB Board Fees and Allowances
Mr Phillip Harvey
$106,400 per annum
Mr Harvey Collins
$53,200 per annum
Mr Michael Court
Nil (public sector employee not eligible for sitting fee)
Mr Matthew Farrell
$53,200 per annum
Mr Richard Alder
$53,200 per annum
Mr Derek Spray
Nil (public sector employee not eligible for sitting fee)
Mr Robert Lewtas
$53,200 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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