On 19 & 20 November 2015 Qantas Holidays employees were advised that the defined benefit superannuation fund would be closed on 29 February 2016.
The ASU has met with management to be briefed on the changes and raise questions about the impact of the changes on our members.
You will now have received an estimate of the amount of money that will be transferred into your accumulation fund on 29 February 2016. This figure may change and you will get an update from management at the time the transfer happens.
There will likely be a surplus in the defined benefit fund that management will use to fund related initiatives, including providing the following to employees:
- $1000 to obtain independent financial advice;
- A top up into your accumulation fund that means no employee will be worse off as a consequence of the change;
- A guarantee that if an employee’s insurance premiums are already being paid by their defined benefit fund, enough of the surplus will be put into their accumulation fund to cover the anticipated costs of the same insurance until their anticipated retirement age.
The ASU strongly recommends you obtain independent financial advice to ensure that you will not be worse off. This is your retirement income and it is important that you fully understand the impact of the changes on you.
The ASU will continue to consult with management throughout the transition.
