However, Pillar CEO Peter Brook said the business was not directly involved in supervising the sale.

The government announced in December it would sell off the Wollongong-based superannuation company, citing private ownership as the best way to maintain jobs in the region.

A condition of the deal was that member services would have to remain in the Illawarra for 10 years.

The  Public Sector Union have been negotiating with Pillar for a new enterprise agreement since June.

Pillar initially offered a one-year deal, which was rejected, and then quickly followed up by a two-year offer.

Regional organiser Tony Heathwood said the two-year offer had put put forward twice and voted down by members both times.

“We put forward an alternative offer, which was three years with a reduction in the pay increase in the third year, which we felt was reasonable,” Mr Heathwood said.

“At this stage that was rejected (by Pillar).”

Mr Heathwood suggested a reason why Pillar would not move beyond two years.

“The longer those conditions are protected for, perhaps the less favourable Pillar will be for a potential buyer,” he said.

Mr Brook said the sale was out of Pillar’s hands.

“The sale of Pillar Administration is being managed by the NSW Government and its appointed advisors,” Mr Brook said.

“Pillar management has no involvement in the sale strategy or negotiations.”

Mr Brooks also said the two-year offer “recognised the uncertainty and significant change our employees would experience”.

“We maintain this two-year agreement, providing 2.5 per cent wage increases each year, was competitive and more generous than likely would have been offered in an environment without a prospective sale and the largest business transformation project in the company’s history,” he said.