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WHY IT'S IMPORTANT TO THINK ABOUT YOUR SUPER

Around 75% of Australian workers don't choose their super fund or simply go with the fund their employer has chosen as a default fund. Default funds are often Industry SuperFunds, which are run to benefit members and have strong performance history.

The banks are lobbying the government for it to become easier for employers to adopt a bank-owned super fund as a default fund, even if it doesn't have the same strong performance history as Industry SuperFunds.


5 THINGS YOU MAY NOT KNOW ABOUT RETAIL SUPER FUNDS

1 The big banks are behind lots of the big retail super funds. For example: BT Super is owned by Westpac, MLC is owned by Nab, Colonial First State is owned by Commonwealth Bank, OnePath is owned by ANZ Bank.

2 Banks run their super funds to generate profits which are used to pay dividends to shareholders. In 2012/13 this amounted to $2.3 Billion for the wealth management sections of the major banks, which includes their superannuation funds1.

3 Over 80% of financial planners are associated with a product manufacturer, including the big banks, and can earn sales incentives for recommending the banks' products to you2.

4 Total commissions paid to financial advisers from retail super funds in 2012/13 was an estimated $2.6 Billion3.

5 Over the last 10 years the average retail fund has delivered around $16,000 less to members than the average Industry SuperFund4.

big banks are behind lots of the big retail super funds