The Federal Government’s attempt to dismantle industry superannuation funds member-focussed model will be to the detriment of retirement savings, Industry Super Australia (ISA) believes.
ISA pointed to SuperRatings monthly data that found on average industry funds had outperformed bank-owned funds by more than two per cent over 10 years.
ISA chief executive, David Whiteley, said: “There is no doubt that the governance of industry super funds is a key driver of their superior outperformance”.
"Member-first governance and culture is the reason industry super funds have consistently outperformed bank-owned super funds,” he said.
Whiteley noted that the Government had not advanced any evidence that their proposals would improve returns for members.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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