TWUSuper has confirmed to a key Parliamentary Committee that it has embedded staff at the branch offices of the Transport Workers Union (TWU).
Answering questions on notice from the Senate Economics Legislation Committee, TWU Super acknowledged that it had appointed a Superannuation Services Officer (SSO) to each branch of the TWU “to act as an operational conduit between the branch and TWUSuper”.
It said that this arrangement was subject to a set of conditions including but not limited to:
- Enabling access between TWUSuper and the TWU distribution network of officials and workplace delegates – including enabling linkages between the TWU network and Fund field staff.
- Co-ordinating distribution of TWUSuper education materials to TWU Officials and workplace representatives – for example flyers and posters;
- Coordinate workplace meetings and training on superannuation, insurance and retirement planning issues;
- Assisting employees and employers in the transport industry with queries on general superannuation matters (but not provide advice);
The TWUSuper answer said that the TWU and its representatives did not need Australian Financial Services licenses to provide the service they were engaged to provide under the arrangement and that the products were issued by TWUSuper, not the TWU.
“…and TWU representatives are not engaged to provide financial product services on behalf of the Trustee,” it said.