Super is for your future. Not to help the banks generate profits
The big banks want to get their hands on your super
The banks are putting pressure on the government to make changes to superannuation laws which could benefit the banks at the expense of ordinary people.
If the Federal Government lets the big banks have their way with super laws, the retirement savings of many Australians could be worse off.
We want the government and other members of Parliament to stop the banks from getting their hands on your super.
What the banks want
Despite all the financial advice scandals that have plagued the big banks in recent years, they want the government to help them get their hands on more of people’s retirement savings by dismantling the model of not-for-profit super funds- which are generally industry 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 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 stop the banks getting their hands on your super.
What could happen if the banks have their way with super laws?
Ordinary Australians saving for their retirement could be worse off if the government bows to the pressure from the big banks. The changes the banks want could:
• Diminish the voice of super fund members by dismantling the model of not-for-profit super funds through legislative changes to super fund governance. Independent modelling by SuperRatings shows that Industry SuperFunds have, on average, delivered members more when compared to retail (including bank-owned) super funds over the last 10 years. 
• Remove protections for those workers who have their super in the ‘default fund’ at their workplace. Some people could have their savings put into a poor performing bank-owned super fund, possibly without realising the impact.
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.*
About the Campaign
This campaign defends the threats to retirement savings from for-profit super’s interests. Industry Super Australia is a research and advocacy body for Industry SuperFunds. ISA manages collective projects on behalf of a number of Industry SuperFunds with the objective of maximising the retirement savings of over five million industry super members. This campaign is authorised by David Whiteley, Chief Executive of Industry Super Australia, 2 Lonsdale Street Melbourne 3000.
news & info
Proposed changes to Australia’s $2 trillion superannuation sector could see Australia’s largest banks come to dominate the industry, reducing consumer protections and affecting people’s retirement outcomes. The banks are putting pressure on the government to make changes to superannuation laws...
The Federal government is proposing changes to the way super funds are run that could have a big impact on the industry. But will these changes have an impact on your retirement savings – and make super a more risky business?...
Independent data measuring the performance of Australia's superannuation funds shows not-for-profit industry super funds continue to outperform "for profit" bank-owned funds in the...
The major banks raked in nearly $9 billion in fees from Australian workers' super nest eggs in 2016, new research by Rainmaker Information reveals. In return, the bank-owned super...
With new figures showing - once again - that not-for-profit industry super funds continue to outperform bank-owned funds, policy makers should start demanding answers, says Industr...