It’s all in the name really. Your entitlements are secure.
Once your employer (or you if you are self-employed) make the contributions on a regular basis they are held on trust for you until you meet the legislative requirements to get your benefit.
It’s a win-win for both you and your employer. They don’t have to hold the money in the bank for when you apply for your long service leave so it helps with their cashflow, reduces the liabilities they have to otherwise show on the balance sheet and allows them to claim a tax deduction for the payments to SEET.
And for the member, you know the funds are held on trust with an organisation that unrelated and arms-length from the employer. If anything happens to them, your entitlements are already held in a separate entity and can’t be touched by them. It protects your long service leave as it accrues.
Changing employers or working for more than one employer isn’t a problem; as long as you can prove that you are entitled to the benefit then it is yours.
And it’s clearly identified as your benefit. You have the account; not your employer.
SEET also have an audit done by a registered company auditor for each financial year.
