Dismantling industry super governance model detrimental to savings
The Federal Government’s attempt to dismantle industry superannuation funds member-focussed model will be to the detriment of retirement savings, Industry Super Australia (ISA) believes.
ISA pointed to SuperRatings monthly data that found on average industry funds had outperformed bank-owned funds by more than two per cent over 10 years.
ISA chief executive, David Whiteley, said: “There is no doubt that the governance of industry super funds is a key driver of their superior outperformance”.
"Member-first governance and culture is the reason industry super funds have consistently outperformed bank-owned super funds,” he said.
Whiteley noted that the Government had not advanced any evidence that their proposals would improve returns for members.
Recommended for you
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
