Long Service Leave Provision accounts
Long Service Leave (LSL) Provision Savings Account
Benefiting the employer:
The LSL Provision Savings Account is a savings account available to employers/churches affiliated with Churches of Christ in Qld (CofCQ) for LSL purposes for paid employees. The account is held by the CofCQ employer and designated with the employee’s name, e.g. “Church Name” CofC (“Employee Name” LSL Provision).
Benefiting the employee:
Funds may be available for long service like leave even when not eligible under the legislation, protecting employees from burnout. A minister/chaplain/employee could work within CofCQ for many years and not trigger the payment point for long service leave under the legislation, if that person moves between CofCQ employers, which is often the case. The account will follow with each move the employee makes. More information follows:
- Savings account for LSL
- Beneficial for employers and employees
- Some *portability between CofCQ employers/entities
- Statements issued to employer & employee
- Contribution notice reminders are sent annually
- Funds available at call, after the waiting period
- Interest calculated daily, capitalised biannually June and December
- No fees or charges
*Kindly note: If LSL obligations are triggered under the legislation, the LSL obligation must be paid at termination. If continuing employment within CofCQ, the account with the remaining funds is transferred to the next employer.