Pitt allays super raid claims
Queensland Treasurer Curtis Pitt says he will not divert funds in Public Service superannuation accounts.
Mr Pitt was called to answer for claims made in media reports this week, which said the public servant super fund would be used to help pay down the state's debt, and potentially fund future commitments.
Pit says the Queensland Government’s defined benefit super scheme is fully funded and will remain so.
“There will be no change to the entitlements of defined benefit members,” Mr Pitt said.
“There will also be no changes to the accumulation fund, to which the majority of Public Servants belong.”
He said that unlike any other State or Territory in the nation, Queensland will maintain a fully funded Public Sector Superannuation Scheme.
“No money is being taken out; nothing is being ‘raided’,” Mr Pitt said.
“This is another malicious fear campaign.”
The Treasurer said that the State Budget did include a five-year suspension of investment in defined benefit employer contributions for Public Servants, a meaure that should reduce debt by $2 billion, as well as changes to Long-Service Leave arrangements.
The Budget introduced a new scheme in which Long-Service entitlements will be paid when they arise, rather than setting money aside for future claims as was previously the case.
“There will be no change to workers’ entitlements,” Mr Pitt said.
“They are all guaranteed by legislation.”