State acts to retain experienced teachers close to retirement

15/11/07
Innovative changes to public sector superannuation have the potential to benefit up to 6,000 teachers over the next five years, Education and Training Minister Mark McGowan said today.
Mr McGowan said the changes, which would kick in from January 2008, would allow teachers aged over 55 to access their superannuation while still working.
Under the changes, teachers aged over 55 will be able to:

• continue working full-time while accessing their superannuation;
• opt for part-time or casual work while supplementing their income with superannuation; and
• salary package their entire salary and draw on as much superannuation as desired.

The Minister said it was estimated that about 25 per cent of the State's teaching workforce would be eligible for retirement over the next five years.
"These teachers have a wealth of experience and are incredibly valuable," he said.
"The changes announced today will give alternative options to many of those teachers who may be thinking of retirement over the coming years.
"These changes will allow teachers to phase in their retirement without being penalised financially or spend a number of years significantly increasing their superannuation benefit."
Mr McGowan said teachers in GESB's defined benefit schemes, Gold State Super and the Pension Scheme, would be eligible.
"I have asked the Department of Education and Training to ensure information on this important initiative is provided to teachers as soon as possible," he said.
"This will assist teachers making important decisions following the end of the 2007 school year."
The Minister said the changes were one of the many ways in which the Carpenter Government was acting to boost the teaching workforce.
"I recently announced a graduate salary boost to ensure that graduate teachers are among the highest paid in the country and a $19million scheme to offer lucrative scholarships to more than 1,300 university students and existing teachers," he said.
"We are also continuing to recruit interstate and overseas and began recruiting graduates six months earlier than usual.
"I also recently announced a massive pay offer to the State's teaching workforce which, if accepted, will see all teachers receive a significant pay increase."
Minister's office: 9222 9111