Maritime-focused industry superannuation fund Maritime Super has withdrawn its association from industry lobby group Industry Super Australia (ISA).
This meant it would no longer carry the Industry SuperFund logo or be involved in any marketing campaigns.
The removal comes as MySuper performance results would be released tomorrow, which Maritime Super was expected to perform poorly in, having being called out by prudential regulator as an underperformer.
The ISA or Maritime had not stated how this would affect the strategic partnership it entered into with another industry fund, Hostplus.
The change to the fund, which had around 24,500 members, took effect on 27 August.
ISA chair, Greg Combet, said: “Putting the financial interests of members ahead of everything else is what Industry SuperFunds are all about, and this decision by Maritime Super is an example of that.
“Maritime Super was at the forefront of establishing super for working people as far back as 1967 and it was the first super fund with which I was personally involved.
"On behalf of the Industry SuperFund collective, I thank the fund for its contribution and the positive difference it has made to its members thus far in its history.”