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Troubled superannuation firm Pillar will be sold off by the NSW government. NSW Treasurer Gladys Berejiklian is expected to make the announcement on Wednesday that the government will look to call for expressions of interest from buyers in 2016. Ms Berejiklian said it was time for the government to move out of the sector. “Ongoing public ownership of Pillar is not in the interests of NSW taxpayers or Pillar’s clients in this competitive market,” Ms Berejiklian said. “Private owners will put Pillar in a stronger position to pursue growth opportunities and improve the long-term financial viability of the business.” Earlier in December the company called for employees, the bulk of whom are based in Coniston, to take voluntary redundancies. The company is undergoing what it tagged as a “comprehensive business transformation process” but has not said how many jobs it is looking to cut. Ms Berejiklian said this process was not linked to the goverment’s decision to sell. The Treasurer said the sale of Pillar would free up taxpayers’ funds to be spent elsewhere. “This business transformation has involved significant ongoing investment by the government,” she said. “Following the sale of Pillar, the State will no longer be liable for these ongoing costs, allowing us to invest millions of dollars into vital services and infrastructure.” Pillar chief executive Peter Brook praised the government’s decision to put the company on the market. “I fully support the government’s decision to sell Pillar,” Mr Brook said. “Financial services and superannuation in particular, are undergoing massive technological change. “To respond to consumer and member expectations requires responsive and continued capital commitment. “Whilst the NSW Government has been attentive to our requirements, private owners would be better placed to help Pillar deliver the products and services it needs to ensure its long-term viability.”

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