Over twenty years ago unions won superannuation as a right for all Australian workers and set up Industry SuperFunds to look after the retirement savings of their members.
Since their establishment, Industry SuperFunds have gone from strength to strength while retaining their philosophy to maximise the superannuation of members. Today Industry Super Funds look after the needs of more than 5 million Australian workers — an achievement of which unions are rightly proud.
Types of super funds
There are a number of different types of funds with super funds falling into two broad categories:
- All profits to members’ funds, for example Industry SuperFunds; and
- For-profit funds, for example retail funds run by the major commercial banks.
The ACTU and Australian Unions support industry funds and other “all profits to members” funds. These funds continue to deliver to their members higher investment returns than “for profit” funds while maintaining lower costs.
Features of Industry SuperFunds
- Run only to profit members, not shareholders.
- Established by unions to give all workers the right to super.
- Equal numbers of member or union elected representatives and employer representatives on trustee boards.
- Lower average fees than retail funds
- Don’t pay commissions to financial planners and accountants.
- A history of strong long-term investment performance.
- Focus on innovative investment options
More Super information
You can find out more information about:
- Superannuation changes - Industry Super Australia, who represents 16 industry super funds, has a summary of current and proposed changes to superannuation on their website.
- Industry SuperFunds by visiting www.industrysuper.com
- Finding lost superannuation - find lost super.
- Superannuation and financial advice on our Financial Planning page
- Superannuation campaign information and bargaining resources for unions by visiting actu.org.au/super
- the annual ACTU Super Trustees Forum by visiting the ACTU's Events page