LaTrobe Financial, emulating AustralianSuper, are now offering the incentive of Qantas frequent flyer points for every $1,000 invested.
The similar program launched by Australian was not without controversy over claims it breached anti-hawking provisions.
The LaTrobe offer would only apply to new investments over $10,000 into 12-month term accounts which had a current variable rate of 4.35% p.a. after fees.
Comments
The key difference being that LaTrobe is not bound by the Sole Purpose Test for super. And apparently, nor is AustralianSuper, because the regulator appears to believe they are a protected species when it comes to superannuation laws.
Not quite the same as Australian Super's dodginess. LaTrobe is not a super fund. Therefore it doesn't benefit from govt mandated inflows or concessional tax treatment, and is not subject to the sole purpose rules. Super funds are supposed to comply with higher standards. Unfortunately those standards are not enforced for union (aka "Industry") super funds, due to regulator bias.
Add new comment