Industry fund advertisements seek to lock in 12%

Just months after some Liberal back-benchers were questioning the rationale for lifting the superannuation guarantee (SG) to 12%, Industry Super Australia (ISA) has backed a major national advertising campaign reinforcing the expectation that the SG rises will actually occur.

According to ISA chief executive, Bernie Dean the advertising campaign is about increasing awareness of the promised increase in the SG.

“Increasing awareness about the promised increase to the SG rate will give more Australians confidence about retirement and help them get the maximum value out of every extra dollar,” he said.

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The campaign, which aired nationally over the weekend, portrays a 40-year-old worker earning an average wage and suggests they would stand to gain more than $85,000 extra in super by the time the retire when the SG rate increase to 12% as promised by the Government.

The advertisement has also hit television screens as the Government’s retirement incomes review begins to hit full swing.

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Great article by Ross Gittins in SMH about this today. Apart from pointing out that SG rises = wage reductions, he also pointed out that "Industry" funds are controlled by unions, and are run for the benefit of union officials.

The first honest piece of financial services reporting by SMH in years!

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