Emergency workers threaten to strike over super

government money management

13 January 2006
| By Liam Egan |

Emergency services workers have rejected reassurances from the Victorian Government that their super benefits will be fully preserved under a proposed merger with a Government superannuation scheme.

Police Association Victoria secretary Paul Mullett told Money Management the reassurances would not prevent police, firefighters and ambulance paramedics in the state from taking action over the merger.

Mullett said industrial action could only be averted by a Government decision not to proceed with its merger of the Emergency Services Superannuation Scheme (ESSS) and the Government Superannuation Office (GSO) scheme.

Mullett rejected an earlier statement by Minister for Finance John Lenders that member entitlements were “enshrined in legislation, and that these entitlements will be preserved”.

“The GSO is under-funded in excess of $12 billion dollars, and we have grave fears over merging it with a fully funded, well managed defined benefits scheme of $1.3 billion for emergency services workers.

“The funded scheme will absorb that $12 billion of unfunded liability, and therefore it follows that members’ benefits over time will realistically erode.”

In a meeting between the three emergency sectors last week, union executives resolved to refuse to work overtime or process paperwork.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 15 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 21 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days 19 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 22 hours ago