Draft legislation affecting QSuper defined benefit superannuation
Today it was reported that a bill currently before Parliament includes a provision that gives the Treasurer the power to change how allowances are used to calculate retirement benefits for QSuper defined benefit funds holders.
The government had not consulted with our union about this draft provision before it was tabled. We are opposed to the draft provision on the basis that no legislation should empower anyone to reduce members' superannuation entitlements.
I have spoken to the Treasurer today to outline our union's opposition to the draft provision. I have organised meetings with the crossbenchers and we have urged MPs not to support the provision in its current form.
We believe that the state Opposition has misrepresented the impact of these changes. No individual could have their current entitlements reduced under the proposed legislation.
We will be watching the proposed legislation closely and engaging with the government and crossbench MPs over our concerns. Together will strongly oppose any legislative change that has the potential impact of reducing legal superannuation entitlements.
Superannuation is a very serious matter. No politician and no government should have the power to unilaterally reduce people's legal entitlements – whether that be superannuation or any other rights at work.
We will update members with any further news as the situation develops.