Twenty years ago unions won super as a right for all Australian workers and set up Industry Super Funds to look after the retirement savings of their members. Since then, Industry Super Funds have gone from strength to strength whilest retaining their philosophy to maximise the superannuation of members. Superannuation and Industry Super Funds are an achievement that unions are rightly proud of.

Types of Super Funds

There are a number of different types of funds. Super funds fall into two broad categories:
 
All profits to members’ funds, for example industry funds; and
For profit funds, for example retail funds run by banks.
 
The ACTU and unions support industry funds and other “all profits to members” funds. These funds continue to deliver to their members higher investment returns than “for profit” funds while maintaining lower costs. For information on more information on the different Types of Super funds click here

Features of Industry Super Funds

• Run only to profit members, not shareholders.
• Established by unions to give all workers the right to super.
• Equal numbers of member or union elected representatives and employer representatives on trustee boards.
• Lower average fees than retail funds
• Don’t pay commissions to financial planners and accountants.
• A history of strong long-term investment performance.
• focus on innovative investment options

Visit industrysuper.com for more information on the feature and benefits of Industry Super Funds.