Decouple unions from super
The Government has received yet another call for decoupling of industrial relations from the default superannuation regime.
The Corporate Super Specialists Alliance (CSSA) has called for the decoupling on the basis of assertions made by the Royal Commission into Trade Union Governance and Corruption, suggesting that industry funds are paying substantial sums to the unions with which they are associated.
CSSA chief executive, Douglas Latto, said the Royal Commission claims came as no surprise to his organisation.
The union's negotiating and bargaining agreements would obviously be drawn to promote the industry fund to which they are related," Latto said. "Therefore, we believe the potential for conflict always existed."
He said any conflict of interest, perceived or otherwise, in the areas of enterprise bargaining and the selection of default funds should be examined and removed.
"The industry funds movement has been very vocal about removing conflicts of interest from the financial planning industry. It is now time for them to apply the same standards within," Latto said. "In the interests of an open market, the CSSA is therefore calling for the decoupling of default superannuation funds from the industrial relations system."
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