Banks Aren't Super

Banks Aren't Super

The big banks want to get their hands on your super

The banks are putting pressure on the government to make changes to superannuation laws which could benefit the banks at the expense of ordinary people.

If the Federal Government lets the big banks have their way with super laws, the retirement savings of many Australians could be worse off.

We want the government and other members of Parliament to stop the banks from getting their hands on your super.

What the banks want

Despite all the financial advice scandals that have plagued the big banks in recent years, they want the government to help them get their hands on more of people's retirement savings by dismantling the model of not-for-profit super funds- which are generally industry super funds, that are run only to benefit their members, and don't help generate profits for shareholders.

The big banks also want the government to remove protections in the system which provide employers with a list of quality approved funds that they can use at their workplace as a default fund.

We want the government and other members of Parliament to stop the banks getting their hands on your super.

What could happen if the banks have their way with super laws?

Ordinary Australians saving for their retirement could be worse off if the government bows to the pressure from the big banks. The changes the banks want could:

  • Diminish the voice of super fund members by dismantling the model of not-for-profit super funds through legislative changes to super fund governance. Independent modelling by SuperRatings shows that Industry SuperFunds have, on average, delivered members more when compared to retail (including bank-owned) super funds over the last 10 years. [1]

Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. See for assumptions

  • Remove protections for those workers who have their super in the 'default fund' at their workplace. Some people could have their savings put into a poor performing bank-owned super fund, possibly without realising the impact.

Find out more by visiting www.banksarentsuper.com 

 

Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund.
Comparisons modelled by SuperRatings, commissioned by ISA. Modelled outcome shows 10 year average difference in net benefit of the main balanced options of 15 Industry SuperFunds and the 75 retail funds tracked by SuperRatings, with a 10 year performance history, taking into account historical earnings and fees – excluding contribution, entry, exit and additional advisor fees – of main balanced options. Outcomes vary between individual funds. Modelling as at 30 June 2016.
See www.industrysuper.com/assumptions for more details about modelling calculations and assumptions. Consider a fund's Product Disclosure Statement (PDS) and your personal financial situation, needs or objectives, which are not accounted for in this information, before making an investment decision.
ISA Pty Ltd ABN 72 158 563 270 Corporate Authorised Representative No. 426006 of Industry Fund Services Ltd ABN 54 007 016 195 AFSL 232514.