Industry super funds were created by unions to provide a dignified retirement for working people. The funds only benefit their 5 million members, and will always put members’ interests first.
Australian Unions are supporting a TV ad campaign about the big banks pressuring the Federal Government to change our super system.
We think the big banks have a plan for super that will benefit them at the expense of millions of hard-working Australians.
The big banks are trying to get the government to dismantle the model of not-for-profit super funds that are run only to benefit their members, and don’t help generate profits for shareholders.
The big banks also want the government to remove protections in the Fair Work system which provide employers with a list of quality approved funds that they can use at their workplace as a default fund.
We want the government and other members of Parliament to defend the interests of industry super fund members by opposing the changes proposed by the banks.
To find out more visit banksarentsuper.com
Around 75% of Australian workers don’t choose their super fund or simply go with the fund their employer has chosen as a default fund. Default funds are often Industry SuperFunds, which are run to benefit members and have strong performance history.
The banks are lobbying the government for it to become easier for employers to adopt a bank-owned super fund as a default fund, even if it doesn’t have the same strong performance history as Industry SuperFunds.
The only way to make sure your super is not at risk is to let your employer know where you want your super to go. Call the TWU on 1300 727 646 for more information.
Meanwhile, pressure is building for a commission of inquiry into Australia’s scandal-plagued banking system after the Senate crossbench threw its weight behind a Greens bill to establish one.
The private member’s bill is co-sponsored by Greens senator Peter Whish-Wilson and crossbenchers Nick Xenophon, Jacqui Lambie, Derryn Hinch and the current One Nation senators after extensive discussions between them during the past few months over the terms of reference for the inquiry.
The move follows stiff resistance from the government against a royal commission into the banking sector despite ongoing scandals in financial advice, life insurance, investment schemes, unfair lending practices and alleged bank bill swap rate rigging. The commission of inquiry bill could prove to be a real test for Prime Minster Malcolm Turnbull.
We all know this mob has no issue with wasting millions of taxpayers of dollars calling pointless Commission’s – so what are they trying to keep hidden?
The terms of reference will send a chill through banking channels as they widen the net to include executives who oversaw departments that engaged in rampant misconduct as well as chief executive officers.