We don’t want the government to bow to the pressure of the banks, yetthey’ve just introduced proposed laws which target the way not-for-profit super funds are run so that they will be more like bank owned funds. Not for profit super funds have a proven track record of long-term outperformance. We think any changes to their structure is unnecessary and could have an effect on returns to members
But, the banks don’t want the government to stop there. They want the government to remove protections in the system which currently filters out underperforming super funds from operating as workplace funds, meaning more people could be put into a poor performing bank-owned super fund - possibly without realising the impact.
It’s not too late. You can help save our super. Tell our politicians that you want them to stop the changes, and stop the banks from trying to get their hands on your super.
What the banks want
The big banks and their super funds want the Federal Government to dismantle elements of Australia’s world leading system for helping working people save for retirement.
The big banks’ changes, including those already put up to the parliament, could:
- Diminish the voice of super fund members by forcing not-for-profit funds to be run more like the super funds run by the big banks. Bank-owned super funds are part of the wealth arms that have produced repeated financial scandals.
Dismantle successful member-employer board structure which independent research shows has delivered members more when compared to bank-owned super funds for over 15 years.
Impact employee protections by:
Removing the current quality filter in fair work legislation to determine whether products are in the best interests of ‘default’ fund employees.
Enabling employers to select any MySuper product as a default fund; and making it easier for the banks to leverage their relationships with employers to cross-sell their MySuper products.