Super win for workers
Pressure from workers has resulted in the establishment of a review of not for profit superannuation governance. And in good news, former RBA Governor, Bernie Fraser, will head up the review.
The Turnbull Government had previously attempted to steam roll through changes to the proven union/employer model of superannuation governance which has so successfully delivered retirement savings to Australia’s workers.
The Superannuation Legislation Amendment Bull 2015 was introduced by the Federal Government in September, and would have forced not-for-profit industry funds to implement a number of changes to their governance arrangements which would have imposed additional administrative costs and other burdens on the funds.
Thankfully however, the coalition of cross bench, ALP and Green senators moved to defeat the government’s ideologically driven attack.
ACTU Secretary, Dave Oliver, described it as a big win for workers.
“Good governance is about continuous improvement and if Bernie Fraser comes up with a rolled gold code of practice, of course we will welcome it.”
“The point of super is to supplement the aged pension therefore maximizing the retirement incomes of Australians who have worked hard all their lives.”
“I am pleased that the coalition of Senators wants to protect the super of workers in their own communities. Superannuation was not established to have the savings of workers handed to high fee charging banks.”