TWU defends mandatory TWU Super contributions

Hypocrisy is alive and well in the world of unions isn't it?

Mandating employer contributions to TWU Super = "is an appropriate exercising of choice"...can I ask...who's choice is that?

As for the whole question of whether industry funds are run only to benefit members, there are lots of members still waiting for their invitation to the corporate boxes at the SCG and MCG.

As for "TWU Super had paid the TWU $1 million in the financial year ending 30 June 2013, the majority of which went in payments to 'superannuation liaison officers' (SLOs)."...did these superannuation liaison officers disclose this to their clients?

Nothing secret about the relationship between the Union and the Fund? Undisclosed Commissions? Who is guilty of non-disclosure?

Funny the 2013 Annual TWU Super Fund Report on the TWU Fund web site does not appear to provide details of directors' pay!

The money paid to the 7 union reps/directors is not disclosed. While presumably it is arranged through a union, no details are provided as to the quantum or to whom it is paid. No details are provided of fees paid directly to the 6 Employer Representative Directors.

There are other Union (industry) funds also not providing detailed disclosures.

The statement: "all profits are returned to members" is potentially misleading and makes no reference to the direct payments made to unions. That is, there is no mention of the $1million paid to the Union for SLOs.

No details are provided as to how much of Members Funds is paid to the ISA for advertising and the administration of the ISA including salaries/benefits for its executives.

Shame! We need clarity and disclosure.

There is a cosy relationship between industry funds and union leadership because they started the funds to provide a decent retirement for their members and being non-profit organisations they have succeeded when compared to retail funds.

It is without doubt that a very high standard of honesty and proberty is required by union officials and industry representatives that sit on the trustees. The vested interests are always hovering to get some of that money into the "free choice" part of the industry that makes hideously large profits at ordinary workers expense and will pounce on any negative.