Superannuation Administration Corporation (Pillar) (Authorised Transaction) Act 2016

Superannuation Administration Corporation (Pillar) (Authorised Transaction) Act 2016 (NSW)

What is this law about?

This is a NSW law that authorised a specific government transaction involving Pillar Administration — the body that administered (managed the paperwork and payments for) several NSW public sector superannuation (retirement savings) funds.

What actually happened?

The NSW Government used this Act to legally authorise the sale or transfer of Pillar Administration (a government-owned superannuation administration business) to a private operator. This type of law is sometimes called an "authorised transaction" Act — it gives the government the legal green light to proceed with a privatisation or major asset deal that might otherwise be blocked by other laws.

Who does this affect?

• NSW public sector workers whose superannuation was administered by Pillar (e.g., teachers, nurses, police, public servants) — their fund administration moved to a private company
• Pillar employees whose jobs and entitlements were affected by the transfer
• The NSW Government, which received proceeds from the transaction

Why does it matter?

This law essentially privatised a government super administration service. For members of affected funds, it meant a private company (rather than a government body) handles their super account records and transactions. The law includes protections to ensure the transition happens smoothly and legally.