More scrutiny directed at industry superannuation funds
The activities of another major industry superannuation fund seem likely to come under regulatory scrutiny following reports connecting First State Super with the controversy surrounding the Health Services Union (HSU).
A report, published in the Sydney Morning Herald today, references an allegedly uncompetitive and compulsory death and disability insurance scheme which delivered $35 million to First State Super.
The report points out that HSU national secretary Michael Williamson was a director on the trustee board of First State Super at the time the insurance arrangement was negotiated and implemented.
The HSU has come under scrutiny in the wake of allegations surrounding Federal Labor Member of Parliament, Craig Thomson, who was a senior official of the union.
The Federal Opposition has already sought to pursue questions relating to the operations of another industry fund, MTAA Super, via Senate Estimates and is now expected to pursue a similar line of questioning with respect to First State Super.
First State Super gathers most of its membership from various areas within the NSW public sector, including the ambulance officers and paramedics who are members of the HSU.
AUTHOR
Mike Taylor
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
