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 manages $258 billion in assets on behalf of 2.87 million members – this makes us Australia’s largest super fund (as of 30 June 2022).
It’s our role to look after the financial wellbeing of our members, from the start of their career through to retirement. Here’s how:
See how AustralianSuper compares at www.australiansuper.com/compare
Sponsored by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898. This information may be general financial advice which doesn’t take into account your personal objectives, situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement, available at www.australiansuper.com/pds. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.