Curtis Pitt and Defined Benefit Scheme

Australian Prudential Regulation Authority: Treasurer Curtis Pitt handed down his second budget on Tuesday, which revealed $4 billion would be taken from the $10 billion surplus in QSuper $34 billion defined benefit scheme, according to Nine News Australia. Mr Pitt said $2 billion would fund infrastructure, while the remaining $2 billion would be used to pay down debt."We are making this decision to create jobs and support the economy and we make no apology for it," he said. But apart from the opposition, no one seems to mind. He also left the door open for future raids, given the State Actuary advised the government it could take $5 billion out and still maintain Australian Prudential Regulation Authority guidelines. Queensland Council of Unions general secretary Ros McLennan said no members had raised concerns with her organisation. Mr Pitt stressed public servants' entitlements were guaranteed, which was enough to satisfy bureaucrats. (news.financializer.com). As reported in the news.