Industry Super Australia (ISA) has questioned big banks’ suitability and legitimacy as providers of default superannuation as they have maintained a silence on the issue of unpaid super.
ISA’s chief executive, David Whiteley, said banks were running a major lobbying campaign to get their hands on the super nest eggs of Australians but did not appear to have any systems or services in place to assist their members recover unpaid super.
“Today, unpaid super leaves Australian workers tens of thousands of dollars worse off in retirement. The impact on future generations facing lower home ownership rates and tightened pension access will be far-reaching,” he said.
“It is inconceivable that a bank-owned superannuation fund could be a workplace default fund and not chase up unpaid super.”
