TWUSuper acknowledges ‘embedding’ personnel in TWU branches

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); 
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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. 

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To be fair I think if you join or are a member of TWU Super you kind of know what you're buying. I think it is more transparent in its naming than some others.

Yes it's slightly more clear to TWU Super members that their retirement savings will be controlled by union officials, and partly used to support union political and financial objectives. Unfortunately it's not so clear to members of Australian Super, REST, HostPlus, CBus etc that the same thing will happen to them.

Intend to influence definitely sounds like a recommendation or statement of opinion, intended to influence a person - financial product advice 101. Lock me up I say.

What did the Royal Commissioner into Unions in 2016 summarise his findings as? Ah, that's right words to the effect 'an environment where not only is coercion, perjury, lying and thuggery allowed, but helped prosper" aka basically a legitimised criminal element

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