On 1 July 1998 Tasmania's Construction Industry Long Service Scheme was transferred from Government control to TasBuild Limited, a private trustee company.
TasBuild is responsible for providing long service benefits to workers in the construction industry and ensuring that both employee entitlements are protected and a level playing field for employers in Tasmania is maintained.
TasBuild pays out in excess of $1.1 million in entitlements to workers in the construction industry annually. All members of the construction industry including employers, workers and self-employed persons are required to be registered with TasBuild.
TasBuild Limited is focused on the needs of the industry, and for that reason, is managed by representatives of employers and employees from the construction industry. The company has three Directors who represent employers, three who represent employees and an independent Chairperson who is also a Director.
This privatised structure represents an industry focussed and driven scheme for the provision of portable long service benefits and entitlements.
The Fund, comprising contributions by employers and self-employed workers, is administered as a Trust Fund by TasBuild Limited as the Trustee. In that capacity, the company can invest and manage the Fund and must do so in the interest of all persons who have, or may have, in the future, an entitlement to a payment from the Fund.
The Directors, being representatives of the employers and employees within the industry, are properly placed to respond to the needs of the industry and to developments within it.
Currently, the Directors of TasBuild Limited are: