Questions reveal money directed to Industry Super Australia

Industry superannuation funds have been directing hundreds of thousands of dollars towards Industry Super Australia (ISA) each year with answers provided to a key Parliamentary Committee likely to provide fuel for ministerial questioning under the upcoming Your Future, Your Super legislation.

The questions have been posed by House of Representatives Standing Committee on Economics chairman, Tim Wilson and have so far elicited responses which show that some superannuation funds have directed over three-quarters of a million a year to ISA.

However, those funds have not detailed what the money was for, in circumstances where ISA has frequently acted as the coordinator and booking agent for industry superannuation fund campaigns such as “compare the pair” and “fox in the hen-house” on behalf of the 15 funds who are members.

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Some of those ISA member funds denied in answers to Wilson that they had directed any money to ISA over the five-year period he specified.

The answers have come as the Senate Economics Legislation Committee continues its review of the Your Future, Your Super particularly submissions around the ability of the Minister of the day to veto superannuation fund investments which are deemed to be inappropriate.

Submissions to the Senate Committee have expressed concern about how the prohibition on certain payments and investments will impact political advertising, noting that the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had not recommended such an approach.

The answers to the written questions on notice posed by Wilson reveal that education industry fund, NGS Super paid ISA $619,050 in 2019/20, after having paid the industry funds body $633,328.84 the previous financial year and $626,526.64 in 2017/18.

It also reveals how comparatively small fund, LegalSuper, directed $122,743 to ISA in 2019/20, after directing $132,697 the previous year and $124,664 in 2017/18.

This compares with TWU Super which directed $518,823 in 2019/20, $530,790 in 2018/19 and $773,677 in 2017/18.

Both NGS Super and TWU Super are currently in merger moves with other industry funds.




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Comments

Comments

Industry Super Funds divert hundreds of millions $$$$ out of members Super Funds to their mystery box slop bucket ISA.
Why - to support Unions and Labor policies.
Why - because it’s another layer away from the Super Funds themselves and thus away from SIS Legislation what ISA does.
ALL RELATED PARTY ENTITIES, ADMIN PROVIDERS, FUND MANAGERS, ETC, must be forced to fully disclose related party Super Fund cash flows, ownership and pay.
SIS rules must apply to Vertically integrated slop buckets and entities. (Not that ASIC or APRA would do anything against best buddies Industry Super).
LNP for 20 years you have allowed the Unions and Labor to milk the Super system and only now have you finally woken up. Labor have been 100 times smarter than these LNP clowns managing Super for their own and Union benefit. LNP asleep at the wheel.
LNP killing real Advisers whilst the real Fox, Labor & Unions help themselves to the Super hen house.

nothing to see .. move along

Member benefits???

Can someone on the Senate committee ask the following questions?

How much money is paid to professional sporting teams for sponsorship?

Where does this money come from?

How does this benefit members?

Does this meet the best interest duty?

Where is this disclosed?

So the fox in the hen house has been the unions all along. ASIC is either corrupt or incompetent in being aware of this, and allowing it to continue to happen.

Corrupt.

We should have known this was going to happen.... as early as the Labor government allowed the Unions to set up Super Funds in 1989.

The industry super funds must support their industry body, if for no other reason than to defend against the constant attacks from the LNP. Let's see the comparison between the industry funds and the rest in donations. I bet Tim Wilson doesn't want to see that!

Idiot.

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