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Issue No. 129 | 22 March 2002 |
Not So Happy Campers
Interview: Pulling the Pin International: At the Crossroads Unions: A Case Of Lost Identity History: Rocking the Foundations Industrial: Rocky Road Economics: Cracking a Coldie Poetry: The Right Was Wrong Satire: Heffernan�s Evidence Conclusive: Proves He's An Idiot Review: Upstairs, Downstairs
Giant Rat Fights Cole Commission Queue Jumper Abbott In Cash Grab Rabbit Fence Leads Reconciliation to Classroom Council Takes Up Discrimination Challenge Power Workers To Decide Own Fate Fee Pressure Builds on Beattie Nobel Committee 'Subordinates' Union Rights Columbians Level Death Charges Call To Blockade Burmese Junta
The Soapbox The Locker Room Postcard Cole-Watch Week in Review
Letter to Howard #2 Letter to Howard #3 Jump Before You're Pushed
Labor Council of NSW |
News Thumbs Up for Super Deal
AWU National Secretary Bill Shorten told workers the negotiated deal - which would give steelworkers the right to choice between the AWU-endorsed Superannuation Trust Australia superannuation fund or the company-preferred fund - was a victory for commonsense. The AWU has been fighting since last year - when BHP announced it would outsource employees' superannuation - for steelworkers to have a choice over where more than $600 million of their superannuation funds would be invested. BHP had argued that its preferred fund, a subsidiary of Towers Perrin, should be the only fund despite an independent report by accounting firm Deloitte Touche Tohmatsu finding the AWU-endorsed fund, STA, offered a "similar range of services" at lower cost. Features of the negotiated deal include: - Total Risk Management (the wholly owned subsidiary of Towers Perrin) and STA to start information sessions for BHP steel employees - STA and BHP to set up a team to assist members with the transition from their existing fund to STA - TRM will be the successor fund in the context of all employees being required to exercise compulsory choice between STA and TRM prior to upcoming BHP Steel spinout. - STA will be the default fund for new award employees after spinout - TRM will be the default fund for new staff employees post spinout - BHP Steel has agreed to consult and seek agreement from unions regarding superannuation arrangements for any future acquisitions - Unions to be given access and paid time meetings to brief members on superannuation issues Shorten said the intervention of BHP Steel vice president of human resources Ian Fraser, had contributed to delivering steelworkers the best superannuation options available. The deal will be considered by BHP Superannuation trustees for endorsement next week.
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