POWERED BY MOMENTUM MEDIA
(May-2005): Telstra super in doubt
With the full privatisation of Telstra viewed as likely to compromise the ability of the company’s employees to remain members of the Commonwealth Super Scheme (CSS), their unions will ask the Government to support altering the fund’s trust deed to allow their continued contributions.
The issue has emerged as part of negotiations between the Community and Public Sector Union (CPSU) and Telstra for a new enterprise agreement, with the union pointing to the fact that many members had opted to remain in the CSS at the time Telstra’s predecessor company, Telecom Australia was separated from the Australian Public Service.
The union said the CSS scheme had rewarded those who had opted to remain with the fund through its defined benefit arrangements.
“With full privatisation, under current rules, employees of Telstra would no longer be eligible to contribute to the CSS,” the CPSU said.
It said that, with this in mind, the union had proposed a two step plan involving:
* A joint approach with Telstra to the Government and CSS trustees to vary the deed to allow existing CSS Telstra members to continue to contribute.
* If that approach is unsuccessful, the Agreement should provide for full compensation based on the reduced level of benefit that would be available.
Negotiations on the issue are continuing.
AUTHOR
Mike Taylor
Recommended for you
Treasurer Jim Chalmers has held talks with US Treasury Secretary Scott Bessent, intensifying efforts to resolve concerns over section 899 of the proposed “Big Beautiful Bill” in the United States.
The draft guidance note enhances and replaces existing guidance on investment management operational due diligence to pr...
Following the release of the Australian Bureau of Statistics’ monthly Consumer Price Index (CPI) report on Wednesday, market experts have weighed in on inflation trends and the Reserve Bank of Australia’s (RBA) interest rate outlook.
Grattan’s Brendan Coates believes there’s still much to be done to curb superannuation tax concessions that lack a plausible purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
