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News & Views from the RTBU NSW Locomotive Division

Super win for workers

Dec 7, 2015News

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.”

4 Comments to “Super win for workers”

  • I’m sick of government changing laws to suit government
    When it comes to superannuation
    The government current passed and future use
    Laws as a money grab not to benefit society.
    This fundamental concern with all PYEE people.

  • SASS superannuation .members should be compensated for not having transition to retirement option

  • When the experts from the Financial Institutions start to provide adequate returns to workers and not just a raft of fees and profit streams to themselves and their “Independant” advisors then I am sure that workers will rush to have funds managed by these institutions.
    The growth of SMSF’s and of most industry/union based funds would indicate most people do not consider the
    Financial Institution related funds are demonstrating satisfactory performance.
    Big Financial institutions look to your KPI’s chaps!!!
    The risk that Union based funds run is that they will see the other side as normal and be seduced by the fees and inefficiencies potentially inherrent in the Super industry.
    Directors of these funds must be particularly vigilant to ensure this does not occur.

  • Excellent news.

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