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Statutes Amendment (Fund Selection and Other Superannuation Matters) Bill

4 May 2021

The Hon. J.A. DARLEY (16:16): I rise to speak on the Statutes Amendment (Fund Selection and Other Superannuation Matters) Bill. I support the additional choice and portability these provisions provide to public sector employees. The bill is supported by several large public sector unions and associations: the Public Service Association, the Australian Nursing and Midwifery Federation and the Australian Education Union.

In any altered superannuation arrangements, the government should ensure that advice is provided to all public sector employees so that individuals make sound and informed decisions in their own best interests. The status of Triple S as a constitutionally protected fund (CPF) has significant tax benefits for members. It is important that the CPF status of Triple S is maintained and protected. It is understood that the Super SA Board sought and obtained legal advice that these amendments will not put the CPF in further jeopardy. It is incumbent on present and future state governments to keep this status and not trade it away, so that existing public sector employees' benefits are kept. I support the government's bill.