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Government has no Agenda to reduce RBF Entitlements

THE CPSU has sought clarification that the superannuation entitlements of RBF defined benefit members are not under review following a series of questions raise by Legislative Councillor Greg Hall and a submission by the TCCI for the 2013/14 state budget.  Following meetings with Treasury and the Finance Minister Scott Bacon, the Minister has now written to the union clearly stating the government has never had an agenda to change entitlements.

 

In his letter Minister Bacon emphasises that the review being conducted into RBF will focus on its strategic direction and that any change to the legislative entitlements of members is ‘outside its scope’.  He acknowledged Treasury had tested a number of scenarios as would be expected of any organisation responsible for understanding and reporting on the value of a significant liability.  The Minster confirmed however that no work is being done on ‘winding back’ or ‘repealing’ entitlements, nor is there an agenda by this government to do so.

 

It was very clear from discussions with the Minister that the agenda being pushed by the TCCI and Mr Hall is not one Labor would support.  He recognised it would be unacceptable to change the rules ‘mid-game’ and that defined benefits scheme members deserved to have confidence the arrangement that both their employer and they entered into is honoured.  The CPSU thanks the Minister for clarifying these important issues.

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