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
Every month, union members win great prizes with our exclusive competitions. Make sure you don't miss out on the opportunity to win some fantastic prizes from Australian Unions.
Enter the draw to win one of three double passes to the movies at Village/Event cinemas that we are giving away to three lucky union members during January and February.
To win a double pass please email firstname.lastname@example.org with your name, address, union name and membership number before close of business Friday 28th February 2020.
These double passes are valid at Village, Event, Greater Union and Birch Carroll & Coyle Cinemas across Australia.
Please note: Tickets not valid after 5pm on Saturday nights. Not valid for special events.
December Festive Packs winners
Mohamad Elmoge, UWU Vic - #1 Festive Pack
Sandra Everington, HACSU Tas -#2 Festive Pack
Australian Union Member Benefits currently does not have a tyre buying service
Tyresales.com.au, a tyre buying website has now finished. We thank the Tyresales for their past support and assistance to union members.
We are investigating alternative options - check back on this page for updates.
Car buying service
Looking for a new car? Your Australian Union Member Benefits now gives you access to up to 20% off dealer prices with Private Fleet.
Completely free through our partnership with Member Advantage, Private Fleet gives private buyers the negotiating power of a fleet. It also includes free vehicle delivery, 12-months roadside assistance and help organising financing or vehicle trade-in.
Find your next car by clicking on the New Car image above or visit our secure website here.
This year I will get in control of my finances!
MyProsperity is proud to partner with the ACTU and Australian Unions to deliver its online personal wealth management tool. By joining myprosperity you can access some great FREE tools that will help you make the most of your money.
Features and benefits include:
- online ‘real-time’ property valuations
- all your bank accounts, loans, credit cards and superannuation updated daily
- online ‘real-time’ car valuations
- simple budget tools so you know where your money is going
- goal tracker to help you achieve the lifestyle you want
myprosperity helps you do more of the things you love by taking control of your money.
So, what are you waiting for? Join up now at www.myprosperity.com.au/unions.
For a limited time only, myprosperity is offering union members discounted premium memberships. Usually $14.95 p/month, now only $9.95!
In addition to all the great MP Starter features a Premium membership also offers you monthly valuation reports, cloud document storage, personalised suggestions to help achieve your goals and a range of advanced property tools.
Join here and watch your wealth grow.
Australian Unions recognises that it is difficult for union members to know where to go when seeking financial advice. There is a lot to consider when it comes to making financial decisions and setting goals for your future. Therefore we encourage union members to obtain professional financial advice. There are so many organisations and individuals offering financial and investment advice that it becomes a major headache to pick one that is right for you.
Industry SuperFunds all offer some free general advice on super to their members. They can help with maximising your retirement income by recommending different investment mixes within your super portfolio and your voluntary contribution options. They can also advise on the different insurance and income protection covers that may be available to you.
If you need further advice, Industry SuperFunds have a fee-for-service financial advice facility with financial advisors who deliver professional, low-cost, commission-free advice to members. Contact your Industry SuperFund for more information.
Alternatively, friends and colleagues may recommend a financial advisor, or you might conduct a search online. Before you choose a financial advisor however, here is a list of questions to ask. Make sure they answer openly and to your satisfaction – and beware of advisors who earn their income primarily from commissions on financial products that they sell. On-going commissions can have a serious effect on your wealth.
If members require financial advice they can access a range of financial topics, services and online calculators via the Industry SuperFunds Website.
Information about Superannuation
“Australia has been built by working people who have had the courage to stand up to unfair and unjust rules and demand something better. Australian unions support ME because we share the same values. ME grew out of the union movement - our hard fought principles of fairness and demanding something better for members. It’s a bank committed to helping Australians get ahead.”
Sally McManus, ACTU Secretary
all about ME
Every Australian deserves to get the most out of their money. We’re here to help them do it.
We were originally created by member-owned industry super funds to be a fairer home loan lender, helping Australians reach the dream of owning their own home. These days we’re a fully fledged bank, but our profits still go back to the industry super funds – the very same ones that look after the retirement savings of more than seven million Australians.
We help Australians get ahead. We give you ways to get more from your savings, pay less on your loans and cut down on fees – however we can, whenever we can.
We’re making banking as simple as possible. You shouldn’t have to wade through jargon to find what you need, and opening an account should be easy.
And because financial know-how doesn’t always come naturally, we give you tools to spend wiser and save smarter: things like our online school of money ‘ed’, which is fast, free and simple to use.
more for union members.
Eligible union members, get access to ME’s Member Benefits Program – a full program of special offers and deals to help you get more from your banking.
Here are just some of offers we’ve had in the past:
More on home loans
Save more with ME’s already-low rates
More on everyday accounts
Enjoy bonus offers to make your money go further
More on credit cards
Save with a competitive low rate
ME has new special deals regularly; to find out what’s available right now check out:
Looking to get more out of your money? Make the most of ME.
Terms, conditions, fees and charges apply. Applications for credit are subject to credit approval.
This is general information only and you should consider if these products are appropriate for you.
Members Equity Bank Ltd ABN 56 070 887 679 AFSL and Australian Credit Licence 229500.
Australian Unions Member Benefits are provided to every union member through the ACTU in partnership with your union. As a union member, you can take advantage of the collective buying power of more than 1.8 million members to get big discounts from a great range of companies.
Save money with member benefits on:
- Low cost banking and loans
- Car Hire
- Accommodation and travel
- Great savings on gift cards, wine and more.