If not already, members will shortly receive information separately from both the Australia Post and the Australia Post Superannuation Scheme (APSS) about a change to superannuation benefits by Australia Post for new employees employed after 1 July this year.
Importantly, there is no changes being proposed or considered by Australia Post to superannuation benefits for all existing Australia Post employees who are members of the APSS.
The information provided to you by Australia Post and the APSS is bona fide, where very importantly no employee and in particular any CEPU member should have any concern at all in relation to their present and ongoing superannuation benefit as provided for by Australia Post.
For all of you who are permanent Australia Post employees and present full members of APSS, your superannuation benefit is a “defined benefit” – that is your lump sum superannuation benefit is calculated by a special formula, being;
A lump sum benefit equal to: Final Average Salary (FAS) x years of service x 14.3%
The superannuation changes by Australia Post are for new employees employed after1 July 2012only.
New employees will have access to a superannuation ‘accumulative’ benefit that is similar to typical standard superannuation arrangements provided for outside of APSS along with a choice of superannuation fund to invest their ongoing superannuation contributions received from Australia Post.
The value of the superannuation benefit for new employees is yet to be determined and is subject to further negotiations by the principle unions (CEPU and CPSU) with the involvement of the ACTU.
The CEPU is treating this superannuation change with the utmost of importance affecting new employees and is preparing for negotiations with Australia Post to ensure that new members are not treated as “second class type employees” when it comes to their superannuation benefit.
Your Unionis of the view that new employees should receive a similar value in terms of a superannuation contribution to what is presently provided for by Australia Post to current employees.
While this essentially affects new employees (after 1 July), we will be keeping CEPU members informed of the progress and outcome of these negotiations with Australia Post.
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