Politics before worker’s savings? Unions will forcefully oppose any moves by the new Government to put ideology and politics ahead of retirement savings. Media reports suggest the Coalition is prepared to gut Australia’s world-leading industry superannuation system purely for political reasons.
21 August 2012 The superiority of the industry superannuation governance model with union and employer-representative trustees has again been highlighted by the latest research out today from ratings agency Superratings, which shows that on the SR50 Balanced Index, industry superannuation funds outperforming retail funds over one, three, five, seven and ten years to 31 July 2012.
Additional safeguards beyond simply MySuper compliance are needed to protect the interests of members, emphasises the ACTU in its submission to the Inquiry into Default Funds in Modern Awards. These safeguards are especially important to prevent workers from paying unnecessary fees and charges in retail super funds. They include consideration of fund performance, the nature of fund governance and special protections for members who change employment.
Monday 19th March 2012The passage of the superannuation and minerals resource rent tax Bills will deliver working Australians tens of thousands of dollars more in their retirement savings, and ensure the spoils of the mining boom are morefairly spread, say unions.ACTU President Ged Kearney said Australian workers could finally have certainty after a long debate about the issue. She said more than 8 million working Australians would be better off in retirement as a result of the changes with some workers getting up to $143,000 more.
Changes to the superannuation system announced on 5 April 2013 by the Federal Government are a long-overdue step which will make superannuation fairer and more sustainable, the ACTU said today. ACTU President Ged Kearney said that the Keating Government and the union movement introduced superannuation to provide low-to-middle income workers with a comfortable retirement - not as a system of tax planning for the wealthy.
From the editor's deskWhile the Future of Financial Advice (FOFA) reform legislation is now locked in, there remain several uncertainties for superannuation on the horizon and we need to remain vigilant about these. The Productivity Commission (PC) Inquiry into Default Funds in Modern Awards and the detail of the My Super reforms to name a couple. Thanks again to everyone involved in the 2012 ACTU Investment Forum - this edition of Super enews draws heavily on your contributions.
These workshops are part of a joint Women in Super / Australian Institute of Superannuation Trustees (AIST) initiative targeted at women who are interested in becoming a board director and who would like to know more about this role. The workshop will include a panel discussion led by Cate Wood (National Chair- Women in Super and AIST President) and a selection of women directors from within the industry. Participants will be introduced to the Women on Super Boards project, learn about Australia’s superannuation system and what it means to be a trustee director of a superannuation fund.
In an historic move for Australian consumers, the Future of Financial Advice (FoFA) Bills passed through the House of Representatives last week. These reforms will significantly improve the retirement outcomes of industry super fund members, and consumers more broadly, and ensure that they can receive high quality professional financial advice that is in their best interests.
With a new national poll showing 75% of Australians support lifting superannuation to 12%, the ACTU has joined with the Australian Institute of Superannuation Trustees (AIST) in calling on Parliament to pass the super legislation this week.ACTU President Ged Kearney said more than 8 million working Australians would be better off in retirement as a result of the proposed new laws with some workers getting up to $143,000 more.
The Liberal and National Parties are putting the retirement security of more than five million working Australians at risk by attacking Australia’s world-class industry superannuation funds.Statements by Liberal Leader Tony Abbott that are reported in The Australian newspaper are not only factually incorrect, they could leave working Australians tens of thousands of dollars worse off in retirement says the ACTU.