An industry superannuation fund (or, simply, 'industry fund') are Australian superannuation funds that historically were established by Australian trade unions to manage retirement savings for workers in their industry. Funds other than industry funds are referred to as 'retail funds'.
Most, though not all, industry funds are member of the sector peak body Industry Super Australia.[1] Nevertheless, all industry super funds have operation from inception through a not-for-profit, mutual fund structure. All profits from fund operations are retained by the fund membership, a fact prominent in marketing campaigns run by the peak body.
Formerly, specific industry funds could only be joined and contributed to by employees working in the establishing union's corresponding industry. Following reforms, most fund memberships are not restricted in this way, instead being 'public offer funds' regulated by APRA.[2]
For circumstances relating to their establishment; industry fund boardrooms usually include trade union officials, from the union responsible for establishing the fund. For example, Maritime Super's supervisory board includes union officials from the MUA, while Energy Super formerly had board members from the ETU.[3][4]
Senior managerial roles within Industry Funds are frequently granted to persons after a career in Labor Party politics or in unionism. Examples include: Wayne Swan (Chair of CBUS), Greg Combet (Chair of Industry Super Australia), and Paul Schroder (AustralianSuper).[5][6] Members of the Liberal Party and aligned conservative political commentators have criticised the relationship.[7]
^"About".
^"ABN Lookup". abr.business.gov.au. 1 November 2014. Retrieved 18 June 2023.
^"Maritime Super chairman Paddy Crumlin slams 'ongoing attack' on underperforming fund". Australian Financial Review. 7 September 2021. Retrieved 17 June 2023.
^"Industry fund strips union of board position after nuclear fallout". Australian Financial Review. 13 December 2022. Retrieved 17 June 2023.
^"Meet the union veteran set to run AustralianSuper". Australian Financial Review. 13 July 2021. Retrieved 17 June 2023.
^Hutchinson, Stephen Brook, Samantha (30 August 2021). "Labor heavyweights arm-wrestle over super prize". The Age. Retrieved 17 June 2023.{{cite web}}: CS1 maint: multiple names: authors list (link)
^"Victorian Labor: waste and rorts". The Spectator Australia. 31 October 2022. Retrieved 17 June 2023.
and 26 Related for: Industry superannuation fund information
An industrysuperannuationfund (or, simply, 'industryfund') are Australian superannuation funds that historically were established by Australian trade...
The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension...
Australia, the term 'Retail superannuationfund' refers to a superannuation provider that is not an Industrysuperannuationfund, and so weren't established...
Sunsuper SuperannuationFund (Sunsuper) was an Australian public offer industrysuperannuationfund based in Brisbane, Queensland, Australia. It was established...
The New Zealand SuperannuationFund (Māori: Te Kaitiaki Tahua Penihana Kaumātua o Aotearoa) is a sovereign wealth fund in New Zealand. New Zealand currently...
Hostplus is an Australian industrysuperannuationfund. The fourth largest superannuationfund in Australia as of 2023, it is 'giant' with around 1.7 million...
HESTA is an Australian industrysuperannuationfund for workers in health and community service sectors. HESTA services more than 90,000 employers and...
Australian superannuationfund headquartered in Melbourne, Victoria. It is an industry super fund, and so operates through a mutual fund structure. With...
The Australian Retirement Trust (ART) is an Australian superannuationfund headquartered in Brisbane, Queensland. It has $230bn under management and over...
TWUSUPER is an Australian industrysuperannuationfund. It operates through a not-for-profit, mutual fund structure. The fund was established for transportation...
Association of Australia SuperannuationFund) is an industrysuperannuationfund established to serve the motor trades and allied industries. Created in 1989...
Chairman of Austsafe Ltd (an industrySuperannuationfund); Chairman of the Independent Superannuation Preservation Fund, and the Queensland Health Reform...
Society of Tigray, an NGO in Ethiopia Rest (superannuationfund), an Australian industrysuperannuationfund Rest, Kansas, U.S. Rest, Virginia, U.S. Representational...
A pension fund, also known as a superannuationfund in some countries, is any program, fund, or scheme which provides retirement income. Pension funds...
centre. Major tenants in the building are EnergyAustralia, and IndustrySuperannuationfund UniSuper. List of tallest buildings in Melbourne GmbH, Emporis...
Legalsuper is an Australian superannuationfund dedicated to the legal community. It is the only industrysuperannuationfund for Australia's legal profession...
QSuper was an Australian superannuationfund based in Brisbane, Queensland. The fund was established in 1912 through an Act of Parliament. The State Public...
second largest private pension scheme in the UK by fund size. The headquarters of Universities Superannuation Scheme Limited (USS) are in Liverpool. In 1911...
Australian superannuationfund that provides superannuation services to employees of Australia's higher education and research sector. The fund has over...
National SuperannuationFund (NASFUND) of Papua New Guinea (PNG) was established in May 2002, as the successor entity to the National Provident Fund (NPF)...
automatically transferred into that fund. Since ISA’s inception, it has made submissions to government on a number of superannuation-related topics, including:...
assets for Australian depositors, policyholders and superannuationfund members. APRA is largely funded by levies on the financial institutions that it supervises...
Western Australian State Training Board, and on the board of the Industrysuperannuationfund, AustralianSuper. McGurk has also worked as a producer for the...
Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants that will become...
retailer Synergy, global infrastructure investment fund DIF, and Australian industrysuperannuationfund Cbus. It develops and owns solar and wind farms...
Future Super is an Australian retail superannuationfund that offers superannuation services, focusing on zero fossil fuel investment and on holistically...