Financial Standard Comments - John Hewson calls for overhaul of superannuation system

Comment by Ron . (Advice)

Ron . (Advice) — Tue, 17 Sep 2013 13:23:21 +1000

No time like the present. Not only industry funds out of control, the entire sector and associated industries been pushing their own barrows forever to the detriment of consumers. If a Liberal Government really is governing for all and want to improve productivity, a good start would be to remove so many unnecessary layers of middle people. Australia has become lazy with a sense of self entitlement. The answers won't be easy, the decisions will be tough but good choices in the interests of consumers and not lining the pockets of self interest groups will last a lifetime.

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Comment by Adrian Browne (genPlan)

Adrian Browne (genPlan) — Tue, 17 Sep 2013 13:45:15 +1000

Congratulations John Hewson for a sound analysis of the past excesses of Industry Super and the consequential burden of FOFA, etc legislation, and the attempts to sabotage the Financial Planning Profession.

The asset management by Industry Funds has been questionable for some long time, with undeclared tie-ups between Unions and the Funds so often apparent. The common comment by Wholesale Funds Managers who hold assets from Industry Funds that they dare not publicly support a Political party other than LABOR (for fear of losing FUM) is appalling.

The years of expensive advertising by Industry Funds of their so called "good" performance and ""no commissions to advisers" must stop! The facts that some charges are hidden e,g, franking credits are used to defray all admin costs and do not come to the credit of individual members who have invested in Aus Share Funds, must be exposed. The fact Bernie Fraser and others have benefited greatly from roles in Industry Funds should be financially declared down to the last dollar!

Members of Industry Funds have for years lost the opportunity to get sound financial planning advice supplied by competent financial planners. The continuous bad mouthing of Financial Advisers by Industry Fund Executives (who often are retired, or sacked politicians or ex or still practising administrators of unions) must stop. The practice of some Unionists being able to hold down multiple admin or Executive roles in several Industry Funds, so that they can get big "Salaries", must stop.

Simply abolish INDUSTRY FUNDS!

Reverse FOFA Legislation!

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Comment by Dave . (Not a Bank)

Dave . (Not a Bank) — Tue, 17 Sep 2013 14:14:46 +1000

Who would have guessed - a former Liberal leaders lobbying for banks. Maybe he can land a job at IFSA?

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Comment by John Tutt (Johnnytutt)

John Tutt (Johnnytutt) — Tue, 17 Sep 2013 16:53:05 +1000

What a supwise! Is he still dwiving a wed Fewawwi?

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Comment by Andy Wilson (Beaucott Farm)

Andy Wilson (Beaucott Farm) — Tue, 08 Oct 2013 15:03:45 +1100

Speaking of superannuation .... I would be interested to hear what Hewson has to say about the Commonwealth Parliamentary Superannuation Scheme - especially in view of the fact that he is one of hundreds of beneficiaries of this scheme that is almost totally funded by the taxpayers. The cost to taxpayers is enormous (I understand of the order of $67 million per year). In many instances retired politicians are receiving pension of up to $250,000 per year UNEARNED income. Some will have redeemed their "investment" within a year of retirement. High time this outrageous rort was brought to a halt.

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Comment by David Munro (cofp)

David Munro (cofp) — Tue, 15 Oct 2013 21:28:49 +1100

So... shake up super? How, when, what outcome should we expect, +++? Who could do this? Are we concerned that industry funds are??? Are we concerned that public offer funds are??? Is regulation a problem? Is govt intrusion an issue? What about public apathy? Can we change that? What about economic environments? I seriously doubt that any review by other than govt members will happen. And when govt members review what happens?

Get real! We, and superannuation, are dominated by incompetents with few, if any, opportunities to improve anything. I have a plan! I have formed a linkedin group, "ASIC issues" With your help and serious involvement just perhaps we can improve this important topic.
Don't wait for "influential" participants. Don't wait for govt. Don't expect the manipulators to act in consumers interests. Advisers and their clients CAN influence change. WE CAN DO IT !

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