Pillar Administration back on the block
Wollongong-based, NSW Government-owned superannuation administration company Pillar Administration has once again been placed on the market.
The company, which was also earmarked for sale by the former NSW Labor Government, was confirmed as being back on the market yesterday by NSW Treasurer Mike Baird.
However, in doing so, he stressed that the Government would be looking to protect the jobs of the people employed by Pillar at its Coniston facility in Wollongong.
‘‘The NSW government is examining the best way to protect jobs and secure Pillar's long-term future in the Illawarra, in an increasingly competitive environment,'' Baird said.
In announcing a renewed effort by the Government to sell Pillar, the Treasurer acknowledged that the company needed a substantial investment of around $30 million to upgrade its IT systems and property — something which he believed the private sector had a greater capacity to finance.
When Pillar Administration has previously been canvassed as being up for sale, a number of possible buyers have been identified including Mercer and IT giant, IBM.
The company employs around 700 people with major clients including the merged First State Super and Health Super, although in 2011 it lost its Prime Super mandate.
Baird flagged a time-table which would see the company formally placed on the market next year, with a steering committee and external advisers first being appointed to analyse Pillar's position and make relevant recommendations.
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