The 20 best Industry Super Funds in 2020 ranked based on 2,899 reviews - Find consumer reviews on ProductReview.com.au, Australia's No.1 Opinion Site. All members of ISA, as well as REST, Equipsuper and First State Super have signed up to the deal. This is one of the important things about the joint representation structure on the industry funds between business and unions.  ME Bank obtained an Australian banking licence in July 2001 and was approved by APRA to act as an authorised deposit-taking institution, authorised to accept deposits from the public. From 1 July 2005, choice of fund rules came into effect, giving most Australian employees the option to choose the fund into which their employers paid their superannuation contributions. Mr Combet said: "Every decision has to be seen through a member's interest lens. Retail funds distribute profits to shareholders or investors (the trustees of the fund), while industry funds return profits to members. "That is not going to happen. , All inactive accounts containing less than A$6,000 are now automatically rolled into a central pool, managed by a specialist fund called AUSFund. Low fee funds run only to benefit members, no commissions to financial planners. , "Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018: ISA Submission", "Super funds calling for transparency from government", "Industry Super set to launch new 'Compare the Pair' campaign", "Industry Super Unveils New 'Compare The Pair' Campaign", "What happens when real people meet the finance system", "Industry Superfunds kills off 'From Little Things' ad campaign soundtrack after five years", "Industry funds strike deal to solve multiple accounts problem", "Review into the Governance, Efficiency, Structure and Operation of Australia's Superannuation System", "Senate Standing Committees on Community Affairs – Parliament of Australia", "Senate Economics Legislation Committee – Parliament of Australia", "ING Australia full-year profit rises 6pc on new customers", Everything you need to know about the royal commission so far, Industry Super Australia official website, Society at a Glance 2014 Highlights: AUSTRALIA OECD Social Indicators, Melbourne Mercer Global Pension Index: Australia, Social Security Programs Throughout the World: Asia and the Pacific, 2014, https://en.wikipedia.org/w/index.php?title=Industry_superannuation_fund&oldid=984963951, Pages with non-numeric formatnum arguments, Short description is different from Wikidata, Use Australian English from September 2020, All Wikipedia articles written in Australian English, Articles containing potentially dated statements from September 2020, All articles containing potentially dated statements, Articles with unsourced statements from September 2018, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License, The Murray Inquiry (2014) into Australia’s financial systems, with particular reference to superannuation, The Cooper Review (2010) into the superannuation system and regulatory improvements, The Senate Standing Committee on Community Affairs covering the proposed tightening of pension eligibility, The Trowbridge Review into potential conflicted remuneration and its effect on life insurance advice, The Parliamentary Joint Committee on Corporations and Financial Systems Inquiry. Follow updates here. They are not-for-profit, mutual funds which are membership-based and do not have shareholders. The funds that are members of ISA hold about five million accounts. Refine the selection to best fit your personal circumstances. "AMP's model has destroyed value. "Banks and other financial services companies in particular need to think very carefully about how to refashion themselves to rebuild trust," he said. Industry Super Australia (ISA) is "a research and advocacy body for Industry SuperFunds", the peak body of the industry. It is totally against the remit of industry super funds. Such open funds are called public offer funds. "It's time Bill Shorten distanced himself from his union masters and condemned this aggressive union behaviour," Mr Frydenberg said in a statement. Mr Combet noted Glencore's about-face on coal production under pressure from investor action group Climate Change 100+ as an illustration of the power of collective action by investors. The treasurer said Labor Leader Bill Shorten should not allow militant unions to pressure super funds to use their leverage over listed companies and their boards. Industry super funds are a popular choice for many Australians as they often have low fees and competitive long-term returns. Industry superannuation funds will use their massive clout as investors to drive a post-Hayne transformation of corporate culture, "refashioning" business to focus on the long term. "You'll see more focus on ESG issues but also over time an interest in business models, in particular in the financial services sector," Mr Combet said. The Australian Council of Trade Unions has urged 30 industry funds to use their leverage as shareholders to force BHP to guarantee the jobs of up to 80 seafarers. TOP 10 RETURNS. As at July 2018, the major retail super funds were: Testimony at the Hayne Royal Commission has spotlighted the actual and potential conflict of interest with bank-owned retail super funds, (for example, advisors being required to recommend bank financial products to members, which may not be in the best interest of the members) and several banks have commenced processes to dispose of their wealth management divisions. At the same time, Treasurer Josh Frydenberg has written to prudential regulator Wayne Byres expressing alarm about union demands in February that industry super funds use their leverage as investors to pressure BHP to save the jobs of seafarers.