Employers need to defend value of industry super

industry super superannuation

19 May 2021
| By Mike |
image
image
expand image

Employer representatives on industry superannuation fund trustee boards should speak up to help blunt the campaign being run by some Government backbenchers around allowing people to use superannuation to help fund a first home deposit.

Former union official and Industry Funds Services stalwart, Garry Weaven suggested to the Conference of Major Superannuation Funds (CMSF) in Adelaide that it would be much harder for the likes of Victorian Liberal back-bencher, Tim Wilson and NSW Liberal Senator, Andrew Bragg, to prosecute their push against superannuation if employer trustees bothered to speak up.

His comments came as ACTU secretary, Sally McManus told the CMSF conference that the superannuation industry needed to get on the front foot with respect to the superannuation debate.

“It is unacceptable to make the mistake of being constantly on the back foot,” McManus said. “They will continue to do it [attack superannuation] until we make sure the practicalities of political self-interest prevail,” McManus said.

Master Builders Australia chief executive, Denita Wawn acknowledged the benefits which would accrue from employer directors getting on the front foot and defending the value of superannuation but said that many directors were simply not into advocacy.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 22 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 2 hours ago