Financial Standard Comments - Vic to issue bonds to plug VisionSuper DB deficit Victorian councils will fund a deficit uncovered in a Vision Super defined benefit fund through a special purpose bond issue backed by the state government. https://www.financialstandard.com.au/feed/latest?story=13003099 Thu, 21 Jun 2012 14:30:02 +1000 Thu, 21 Jun 2012 14:30:02 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by PK () "We believe we are pretty well on the money...". Maybe Spence needs to find another hat.
A couple of things:
Firstly, how about Vision Super provide some disclosures not only about how this pool of money has been managed in the past but also to include all running costs including payments to the board and Directors before the councils use our tax to just plug the deficit hole. What is to say that another deficit will not appear a couple of years down the track? Perhaps this DB scheme is unrealistic given current and predicted future market conditions?
Secondly, this deficit is at 31 December 2011? How about an updated figure?

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]]> PK () Thu, 21 Jun 2012 14:30:02 +1000 Comment by BIll () This reminds me of how Greece got into such a big mess, promising benefits they could not deliver without then borrowing their way to oblivion.
Bill

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]]> BIll () Thu, 21 Jun 2012 17:41:47 +1000