This has led to concerns from Public Service Association/Community and Public Sector Union regional organiser Tony Heathwood that the majority of the 700-odd jobs at Pillar could leave the region.

The government is planning to sell Coniston-based superannuation business Pillar to the private sector – the bill passed through parliament last week.

“One of the key objectives of this transaction is to maintain jobs and investment in the Illawarra and private ownership will improve Pillar’s long-term financial viability,” Ms Berejiklian said.

“Any new owner must guarantee that the existing operations of Pillar associated with the delivery of member services to existing clients will continue to be located in the Illawarra for 10 years.”

Ms Berejiklian declined to respond to questions about exactly how many “member services” workers would be covered by this guarantee.

Instead she suggested  she suggested the “unprecedented regional guarantee would incentivise a future buyer to expand the business in the Illawarra”.

The Pillar annual report contains a company structure chart that shows member services as only a small part of the business.

Other areas listed on the chart include Information Technology, Corporate Services and Accounts.

This has led to rumours that the number of workers covered by that guarantee could be as few as 30 or as many as 600.

Mr Heathwood said he had been trying unsuccessfully to get the government to issue a concrete figure about who is protected by the guarantee.

“It’s all very well for the government to put a guarantee on the retention of the business in the Illawarra,” Mr Heathwood said.

“The reality is that once it’s in private hands, that presence in the Illawarra can be a very small office with five staff. And the other 600 jobs could go who knows where.

“I think it’s not matter of if the jobs will go it’s a matter of when.

“There’s a lot of work that goes on at Pillar that could easily be offshored - and that’s a real concern.”