Australians ‘better off’ in industry funds - choice ads
A group of Australia’s major industry superannuation funds have rolled out their long-awaited marketing campaign aimed at both recruiting and retaining members in the new choice of superannuation funds environment.
The campaign utilises the services of former Reserve Bank Governor, Bernie Fraser, and argues that working Australians could be at least $420 billion better off in retirement if they invested their superannuation in an industry superannuation fund.
The industry funds campaign became the subject of controversy at the recent Conference of Major Superannuation Funds in Hobart when it was suggested that such advertising might be in breach of the sole purpose test.
The campaign has already earned the backing of the industry funds bank, Members Equity and funds such as the Tasmanian-based Tasplan.
The chief executive of Members Equity, Anthony Wamsteker, said the campaign would create awareness of the substantial benefits of the industry superannuation funds low-cost culture and mutual ethos for working Australians.
The industry superannuation fund campaign is titled “Lifetime of Difference” and in explaining the reasoning behind the title, Fraser said that it focused on the ultimate measure of super fund performance - namely the accumulated sum a member could look forward to in retirement.
“Our competitors, relying heavily on commission-based accountants and financial planners, have succeeded in confusing the market about the true net-benefit of the different products to members,” he said. “This national advertising campaign is intended to unravel that confusion.”
The data being used by the industry superannuation funds to back up its claims is owed to Sydney-based research house SuperRatings.
The SuperRatings data was based on a comparison of 19 industry superannuation funds and 19 broadly comparable retail master trusts.
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