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UnionsNSW WHS Briefing 2013. November 2013. Important information.

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important information
Important information

This material is of a general nature and does not take into account your personal objectives, situation or needs. Before making a decision about AustralianSuper, consider your financial requirements and read our Product Disclosure Statement, available at www.australiansuper.com or by calling 1300 300 273. Investment returns are not guaranteed as all investments carry some risk.Past performance gives no indication of future returns.

AustralianSuper Pty Ltd ABN 94 006 457 987 AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898

why are we talking about superannuation
Why are we talking about Superannuation?

Unions stand for a better life - at work and after work

Unions fought for and created Industry Super so workers could have a better life in retirement

Growth of super

1980

1985

1992

2010

< 40% withsuper

ACTU agreement41% with super

Most industry fundsset up (to hold 3%)

SG legislation

90% with super

superannuation is largest asset after family home

coalition government policies on super
Coalition government policies on super
  • SG increase delay
  • Repeal of low income earners super concession
  • FOFA wind back
  • Default funds in Awards
  • Governance
  • Financial System Inquiry
coalition commits to super schedule sally patten financial review november 14
Coalition commits to super scheduleSally Patten, Financial Review, November 14
  • Remove default retirement products from the industrial awards system.
  • " [We will be] looking at issues like the default funds and who can provide a default fund, and again we want maximum competition and transparency in that process rather than a process where they are selected by the Fair Work Commission or some other entity," (Arthur Sinodinos)
default funds in modern awards
Default funds in Modern Awards
  • Over the eight years to 2011, default funds in modern Awards have averaged an after-tax return of 6.4 per cent, compared with 5.5 per cent for non-default funds.
  • Industry funds will campaign to keep super funds in Awards.
we can help you with
We can help you with
  • Research
  • Enterprise bargaining
  • Independent comparisons – fees, insurance, performance
  • Calculators for members
  • Communications for members
  • Support on super issues
  • Education
in summary
In summary
  • Unions played a key role in securing superannuation for workers
  • Industry funds can be a great choice
  • Unions have an important role to play