Vic to issue bonds to plug VisionSuper DB deficitBY BEN COLLINS | THURSDAY, 21 JUN 2012 12:55PMVictorian councils will fund a deficit uncovered in a Vision Super defined benefit fund through a special purpose bond issue backed by the state government. |
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Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
"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?
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