70% of Australians think that all superannuation funds should be run on a not-for-profit basis, according to an Essential poll commissioned by Industry Super Australia. The poll also found that 69% have either ‘some trust’ or ‘a lot of trust’ in the views of industry super funds ensuring the superannuation system… Read More »70% think all super funds should be run on not-for-profit basis
Industry Super Australia
SMSFs with less than $2 million in assets are “not viable retirement savings vehicles”, according to an analysis of ATO statistics by Industry Super Australia (ISA). “Based on seven years of SMSF investment performance a typical SMSF needs more than $2 million in assets to generate returns above those of… Read More »SMSFs under $2 million “not viable”, says Industry Super Australia
Industry Super Australia has called on state and federal governments to proactively partner with superannuation funds to develop infrastructure projects, saying this will boost economic growth as well as member savings. Industry Super Australia (ISA) has released a research report which shows industry super funds are “effectively leveraging the scale… Read More »Super fund investments in infrastructure benefit economy and members
Industry Super Australian has accused retail and ‘bank-owned’ super funds of “gouging” up to $1.8 billion from superannuation fund members by slowing the transition to MySuper products. Industry Super Australia says retail super funds will collect between $800 million and $1.8 billion in additional fees from super fund members by… Read More »Retail super members “gouged” $1.8 billion by slow MySuper transition
Industry Super Australia says not-for-profit superannuation funds shouldn’t have to pay for the recently announced banking tribunal. “It is beyond dispute that there are significant conduct and culture problems in the banking industry, and additional oversight by a banking tribunal – an idea flagged in a government review of the… Read More »Not-for-profit super funds shouldn’t have to pay for banking tribunal: ISA
Industry Super Australia says the major banks are ‘sidestepping’ financial advice laws to switch customers into underperforming super funds. Research conducted by Roy Morgan found a 90% increase in superannuation switching advice from the big four banks, from 10% to 19%, between 2011 and 2015. Additionally, between 2011 and 2016,… Read More »Banks ‘sidesteping’ advice laws to sell underperforming super funds: ISA
Industry Super Australia has called for a ‘better off’ test to apply to banks selling superannuation products. “The cross-selling or up-selling of super should be subject to a ‘better off’ test. That is, the bank must ensure that the customer is better off than in their current super arrangements,” said… Read More »ISA calls for ‘better off’ test for banks selling superannuation products
Industry Super Australia has questioned if retail superannuation funds can balance the interest of members and shareholders. The latest superannuation performance statistics indicates industry super funds continue to outperform retail super funds. Analysis by Industry Super Australia of the APRA statistics shows a 1.89% outperformance over the period December 2004… Read More »ISA asks if retail super funds can balance members and profits
Industry Super Australia says superannuation retirement savings are being “drained by underperformance” by bank-owned retail superannuation funds.
“New APRA data released today has confirmed average annual returns to industry super funds in the not-for-profit sector have been around 2% higher than average returns to bank-owned funds over the last 11 years, from June 2004 to June 2014,” said Industry Super Australia, which represents industry super funds.