Retired
workers whose lifetime savings are at risk thanks to a NSW Government
secret plan to merge two superannuation funds have called on Treasury
to put a stop to the merger immediately and be more accountable. The United Services Union's Retired Members Club today passed a resolution in support of the USU Executive, which has condemned the plan as arrogant and lacking transparency.
The plan involves the merger of the Local Government Superannuation Scheme (LGSS) and the Energy Industries Superannuation Scheme (EISS).
USU general secretary Ben Kruse said members of the two funds had only been informed on Friday of the advanced plans to implement the merger, which has apparently been in the pipeline for months.
"The USU Executive has passed a resolution outlining its concerns around plans to merge $7.5 billion in super funds within the next few days by proclamation.
"Retired members are outraged they had not been informed earlier of a critical business decision that will undoubtedly have some impact on their nest eggs," Mr Kruse said.
"We find it inexplicable that the government would play with members' life savings like this and effectively hijack their superannuation benefits." A resolution passed by the USU has:
expressed outrage at the 'arrogance of the Government’s actions in failing to consult with employees';
demanded the resignation of Future Plus CEO Richard Powis for his role in the merger; and
demanded the government immediately postpone the merger until consultation with all industry stakeholders is carried out.
"The USU is not opposed in principle to the merger but to do so without informing members about what is going to happen to their savings, is simply a disgrace," Mr Kruse said.
"We ask that the Government immediately take steps to ensure this process is transparent and that all decisions are made public."
For more information please call: Ben Kruse, 0419 623 984 or Claire Johnston, 0434 489 533.
