Thirty years ago, unions won superannuation as a right for all Australian workers and set up Industry Super Funds to look after the retirement savings of their members.
Since their establishment, Industry Super Funds 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 five million Australian workers — an achievement of which unions are rightly proud.
Types of super funds
There are a number of different types of funds, which fall into two broad categories:
- All profit-to-member superannuation funds (for example, Industry Funds)
- For-profit funds (for example, retail funds run by the major commercial banks)
Australian Unions supports Industry Super Funds and all other profit-to-member funds. We know for a fact that these funds deliver higher investment returns to their members than for-profit funds while also maintaining lower costs.
Benefits of Profit-to-Member Funds:
- 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
Industry Super Australia represents 13 super funds which are run only to benefit members, consistently have low fees and, on average, outperform the average retail (bank-owned) fund. Head to the Industry Super Fund website to find out more.
