Did you know that unions won super as a right for most workers twenty years ago?

Before superannuation was made compulsory, only 39% of the workforce had super – now 97% of workers have super and for many people it is now their second biggest asset after the family home.

Did you know that industry super funds were set up by unions to support workers in one or a number of industries?

Industry funds have a unique structure and ideology – profits are returned to members, low fees and no sales commissions are charged and the trustee boards are made up of equal numbers of employee or union elected representatives and employer representatives.

Did you know that anyone can join an industry fund?

Industry funds are open to people whose employer agrees to become a participating employer, however if your employer won’t sign up or you are self-employed can still join because most of the larger industry funds are public offer which means they are open to everyone.

Did you know that many people may have lost super?

Sometimes when people change jobs or addresses and forget to roll over their superannuation, it can become lost. http://www.unclaimedsuper.com.au/ can help people find their lost super free of charge.

Did you know that from July 1 2005, many people will be given a choice of super fund?

About 40% of Australian workers will be affected by choice of fund. Those that will not be affected include employees covered by state awards, certified agreements and AWAs, commonwealth and state public sector funds and some members of defined benefit funds.

Did you know that there may be some risks with choice of fund?

People should be able to chose their own super fund, but there are a few things to look out for. Some financial planners seeking to earn a commission might mis-sell products, some funds have inadequate disclosure of fees and charges and employers get to choose the default fund for their employees if no choice is made.