The banks want to remove existing protections for workplace default funds so they can get their hands on more super.
|Deliver all profits to members||Help generate profits for bank shareholders as well|
|Outperform the average bank-owned super fund||Underperform the average Industry SuperFund|
|History of low fees. Have never paid commissions to financial advisers||History of bank scandals in the financial advice sector linked to fees and commissions|
Industry Super Funds continue to outperform retail (including bank-owned) super funds.
Unlike Industry SuperFunds, the big banks use their super funds to help generate corporate profits, which are returned as dividends to shareholders, not superannuation policyholders.
Over the past 10 years, the big banks behind many retail super funds have regularly made enormous profits. Over the same period, the average Industry SuperFund has delivered over $15,364* more than the average retail super fund.*