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Scoping study due on Pillar sale
The superannuation industry is expected to get a clearer picture of the future of the NSW Government-owned Pillar Administration when a scoping study on its sale is delivered to the Federal Cabinet in the next few weeks.
The NSW Government signalled its intention to sell Pillar late last year, but a number of commercial and political issues have arisen that are expected to be addressed in the scoping study.
Among the commercial issues that have confronted the Government is whether it can expect the sale of Pillar to generate full value in the middle of a recession and a significant downturn in superannuation returns.
On the political front, issues have arisen based on Pillar’s position as a major employer in the traditional Labor Party heartland of Wollongong.
Most interest in acquiring Pillar has come from existing players in the superannuation administration arena, with suggestions that its operations would also represent a neat fit with the administrator of the major Commonwealth superannuation public service superannuation schemes, Comsuper.
AUTHOR
Mike Taylor
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