ISA urges government to keep super safety netBY ALEX BURKE | FRIDAY, 24 APR 2015 12:40PMIndustry Super Australia has called for the super safety net to be retained, arguing that scrapping it would collectively cost employers $1.8 billion. Related News |
Editor's Choice
Aware Super hires head of corporate development
The $175 billion superannuation fund welcomed its first head of corporate development as it looks to be a "merger partner of choice" in the industry.
Link Group rebrands as acquisition completes
Link Group announced its new name ahead of delisting from the ASX at today's market close.
Crescent Capital sells down ClearView stake
ClearView has been alerted that Crescent Capital wishes to sell a major share in the company.
Social media influencers charged for promoting shady investments
Reality TV stars from shows like Love Island, Geordie Shore, and The Only Way Is Essex are due to face Court for pushing unauthorised investment schemes on their followers.
Products
Featured Profile
Matt Gaden
HEAD OF AUSTRALIA
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
Helping investors traverse financial markets and build their wealth during the peaks and troughs is Janus Henderson Investors head of Australia Matt Gaden's game plan. He tells Karren Vergara why in this long game of investing, active management wins.
The fact that it is referred to as a safety net is half the problem - it should be called what it is, red tape and an anti-competitive loophole.
"More than eight million Australians don't choose their own super fund and rely on their employer to place them in a high performing fund. These funds are selected in a merit-based process overseen by the Fair Work Commission," said the ISA chief executive.
Are you kidding me? Under what basis are employers making judgement calls on "a high performing fund"? And under what basis is that employer responsible if the expectation on performance is not achieved?
Does this mean that employers are assuming that past performance is an indicator of future performance?
What a load of rubbish. It's all about the unions, nothing else.
Now, pardon me but I just have to get to my Corporate Box at the MCG tonight as a guest of an industry super fund ....run only to profit members don't forget.
This regime is anti-competitive and not in the best interests of consumers. ISA has the attitude that "big brother knows best". ISA should have to compete in the open market and not be provided with a tied stream of members. Let's see how they perform when it is a level playing field.