How does Superannuation work?
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Thirty years ago, unions fought tirelessly to secure the right to superannuation for all Australian workers, and in doing so, created Industry Super Funds to manage members' retirement savings.
Today, Industry Super Funds cater to the needs of over five million Australian workers, a remarkable achievement that unions rightfully take pride in.
Superannuation funds can be broadly categorised into two types: profit-to-member funds (e.g., Industry Funds) and for-profit funds (e.g., retail funds operated by major commercial banks). SA Unions unequivocally support Industry Super Funds and other profit-to-member funds, recognising their unparalleled track record of delivering higher investment returns to members while maintaining lower costs than for-profit funds.
Profit-to-member funds exist solely to benefit members, not shareholders, and were established by unions to give all workers access to superannuation. Trustee boards of these funds comprise an equal number of member-elected/union-elected representatives and employer representatives, ensuring that the interests of workers are safeguarded at all times.
On average, profit-to-member funds charge lower fees than retail funds, and do not pay commissions to financial planners and accountants. Moreover, they have a proven history of delivering strong long-term investment performance and prioritising innovative investment options that benefit members.
AustralianSuper is Australia’s largest super fund, managing about $300 billion in assets on behalf of 3.26million members as at June 30, 2023.
It’s our goal to help members reach their best possible financial position in retirement. Here’s how:
Visit www.australiansuper.com for more information on how AustralianSuper helps its members achieve their best possible retirement.
*Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.
Read the PDS and TMD at australiansuper.com
AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.