Super changes needed now: Government urged to act fast

Parliament urged to use this sitting week to pass laws to protect super savings.

Super changes needed urgently

Industry Super Australia (ISA) has called on politicians to use this parliamentary sitting week to debate and pass key legislation that will protect superannuation savings.

The ISA claims that multiple reviews revealed that not only are consumers short-changed billions in superannuation contributions, but their savings are also being eroded by chronic underperformance, multiple accounts and for-profit fund fee-gouging.

ISA chief executive Bernie Dean said the interests of fund members had to be put above politics but time was running out for this parliament to act.

“The Senate should agree on sensible amendments to the Protecting Your Super Bill designed to protect … [those] with low balances, and the House of Representatives should ratify a bill that increases transparency and penalties for unpaid super,” said Mr Dean. 

“Long delays to these bills and partisan politicking needs to stop for members’ sake. Every week that passes without agreement risks Australians losing millions in retirement savings.

“By the end of this week super could be better for everyone. Fees could be lower, with limits on what a fund can charge people with low account balances.

“We could give many people a boost by automatically finding their low balance lost and forgotten accounts and promptly combining them into one.

“And we could close the loopholes some employers use to shortchange their workers by not paying super at all, although even stronger laws are necessary.”

Mr Dean said other bills listed, including Member Outcomes 1, carried important measures such as civil and criminal penalties for superannuation trustees, that should be expedited.

But, he said, some other measures in that bill would require significant amendments to reflect the recent findings of the Productivity Commission review into super and the banking royal commission.

“Unless significant amendments to the member outcomes assessment and reporting standards are made, they should be split from the bill in order to get the detail right,” Mr Dean said.

“The Parliament should not be passing a weak and ineffective member outcomes test, reporting standards and disclosure regime that lets dud super funds off the hook.

“However, this should not distract from landing critical changes where the detail is right,” he said.

Should the Government stop playing politics with superannuation and pass changes to protect people’s retirement savings?

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    COMMENTS

    To make a comment, please register or login
    danielboonjp
    12th Feb 2019
    10:07am
    beware of the Ethical Investment Fund ... refused my having death cover two years ago, then stole life insurance premiums from my payout
    Old Geezer
    12th Feb 2019
    11:14am
    It is a retail fund and is listed on the ASX. I too have questioned their ethics.
    danielboonjp
    12th Feb 2019
    10:07am
    beware of the Ethical Investment Fund ... refused my having death cover two years ago, then stole life insurance premiums from my payout
    danielboonjp
    12th Feb 2019
    10:07am
    beware of the Ethical Investment Fund ... refused my having death cover two years ago, then stole life insurance premiums from my payout
    danielboonjp
    12th Feb 2019
    10:07am
    beware of the Ethical Investment Fund ... refused my having death cover two years ago, then stole life insurance premiums from my payout
    danielboonjp
    12th Feb 2019
    10:07am
    beware of the Ethical Investment Fund ... refused my having death cover two years ago, then stole life insurance premiums from my payout
    danielboonjp
    12th Feb 2019
    10:07am
    beware of the Ethical Investment Fund ... refused my having death cover two years ago, then stole life insurance premiums from my payout
    Rod63
    12th Feb 2019
    12:34pm
    Please only post once.
    Rod63
    12th Feb 2019
    12:34pm
    Please only post once.
    Triss
    12th Feb 2019
    1:26pm
    You, too, Rod63.
    The Care Bear.
    13th Feb 2019
    8:49am
    Press F5 after posting to refresh the screen.
    Karl Marx
    12th Feb 2019
    11:08am
    can people please remove repeat responses or learn to just post once, bloody annoying
    Apart from that, expect the usual trolls to start up. Best not even to reply or respond to their usual ridiculous posts & comments.
    Old Geezer
    12th Feb 2019
    11:16am
    It's not me doing repeat responses.
    thommo
    12th Feb 2019
    11:17am
    this website is stuffed....that is the problem..
    Karl Marx
    12th Feb 2019
    11:28am
    Some are aware of the issue & know how NOT to repeat & if they do actually remove those repeat post. OG you don't repeat. Easy to see who does though
    Old Geezer
    12th Feb 2019
    11:43am
    Post your comment (copy to clipboard) hit post reply. Then hit the page refresh button.
    Anonymous
    12th Feb 2019
    3:36pm
    What are you on about 1984 this sight is about superannuation not welfare why would you even comment.
    Karl Marx
    12th Feb 2019
    4:54pm
    Well well well look who woke up. I don't claim welfare Robbo. Ever time you make a comment it just goes to show your stupidity & lack of any intelligence. Actually I haven't seen any of your comments or posts that have anything of any substance or even on topic. You must have the intellectual capacity of a 4 year old. Watch out mummy might spank you for playing on her computer roflmfho
    Karl Marx
    12th Feb 2019
    4:54pm
    Well well well look who woke up. I don't claim welfare Robbo. Ever time you make a comment it just goes to show your stupidity & lack of any intelligence. Actually I haven't seen any of your comments or posts that have anything of any substance or even on topic. You must have the intellectual capacity of a 4 year old. Watch out mummy might spank you for playing on her computer roflmfho
    TREBOR
    12th Feb 2019
    5:27pm
    Nobody claims 'welfare' in Australia - they claim their Social Security Entitlements and Rights....

    Apart from that, stop assuming about others and stop slagging as a means of discussion... it doesn't show those you attack in a bad light.....
    Anonymous
    12th Feb 2019
    6:21pm
    This from a bloke who was bludger most of his life and receives an age pension plus a careers pension for his wife who pissed him off because he was less then a man if you know what I mean. Welfare is for people who can't pay there way and need a hand out.
    TREBOR
    12th Feb 2019
    7:13pm
    You're on thin ice, Robbo.... watch it.... this is your one chance.
    Anonymous
    12th Feb 2019
    7:39pm
    Seems I have hit a raw nerve Treb .
    TREBOR
    12th Feb 2019
    8:56pm
    In your dreams - you have no idea who and what I am, but I can guarantee you this - I've done far more than you can imagine.

    12th Feb 2019
    12:06pm
    Industry Super Australia is the peak body for industry super funds so what they wish to say can hardly claim to be unbiased. If we are to answer the question, "Should the Government stop playing politics with superannuation and pass changes to protect people’s retirement savings?", then perhaps it might be helpful to have a balanced article with comments from non industry super funds.
    floss
    12th Feb 2019
    1:20pm
    How stupid are the people that run down Industry Funds no brains happy with out them.
    Anonymous
    12th Feb 2019
    4:19pm
    Flossie let me tell you what they claim you have in your industry fund is not what you get if you apply for it all try something like 20% less.
    Sundays
    12th Feb 2019
    7:38pm
    Robbo, you made that up!
    floss
    12th Feb 2019
    1:20pm
    How stupid are the people that run down Industry Funds no brains happy with out them.
    floss
    12th Feb 2019
    1:21pm
    How stupid are the people that run down Industry Funds no brains happy with out them.
    Not a Bludger
    12th Feb 2019
    2:49pm
    Any comment/suggestion from Industry Super Australia is absolutely biased, self- serving and rentseeking and should be completely ignored.
    ISA’s sole objective is to keep the Industry Funds under the continuing control of the union thug bosses and mount political campaigns with the monies contributed by their long suffering members.
    Anonymous
    12th Feb 2019
    4:17pm
    You are correct Not a Bludger but remember this sight is totally left wing sponsored by Get Up.
    Karl Marx
    12th Feb 2019
    4:57pm
    Getup has nothing absolutely nothing to do with this sight so stoppong telling porkies or I'll tell your mummy on you. Why aren't you in school anyway.
    TREBOR
    12th Feb 2019
    7:16pm
    Maybe so - but industry funds still out-strip commercial ones by a country mile.....
    Nisie
    12th Feb 2019
    4:01pm
    How about closing a fairly large loophole in super legislation. i.e. the one which gives employers the right to earn themselves 3 month's worth of interest on my wages (salary sacrifice) before they hand that money over to my super fund, sometimes for even longer, if no-one blows the whistle on them. It is a morally reprehensible act of greed, and one which should have been legally stopped years ago!
    Not a Bludger
    12th Feb 2019
    4:44pm
    Easy peasey, Nisie - don’t just moan and groan about it - simply pick up your phone, dial the ATO and report the company - ATO will take it from there.
    Greg
    12th Feb 2019
    5:54pm
    Not a Bludger - Nisie is talking about the fact employers only have to pay super quarterly, so they are holding OUR money for 3 months, getting the benefits of using it/investing it maybe before paying into our super funds. All legal, nothing the ATO can do about unless the legislation is changed.
    Nisie
    12th Feb 2019
    7:07pm
    We have tried to report the problem numerous times to the ATO either personally or through our union (who say they are unable to help at the moment because we have a Liberal Govt),
    however they basically get a slap on the wrist from the ATO if they are caught in breach of the act to the tune of around $4000 or so fine each time they are late with payments to the super fund. This is peanuts to an employer as large as mine, so they basically get away with it. To keep them accountable we just have to fix the legislation that allows this to keep happening. Apparently there was a standup pollie who introduced a bill to fix this which was supposed to become legislation from 1 July 2018 but was shot down by the govt and did not happen. I may be retiring soon and any new legislation will not help me but there are thousands of people in the same situation!
    Nisie
    12th Feb 2019
    7:10pm
    We have tried to report the problem numerous times to the ATO either personally or through our union (who say they are unable to help at the moment because we have a Liberal Govt),
    however they basically get a slap on the wrist from the ATO if they are caught in breach of the act to the tune of around $4000 or so fine each time they are late with payments to the super fund. This is peanuts to an employer as large as mine, so they basically get away with it. To keep them accountable we just have to fix the legislation that allows this to keep happening. Apparently there was a standup pollie who introduced a bill to fix this which was supposed to become legislation from 1 July 2018 but was shot down by the govt and did not happen. I may be retiring soon and any new legislation will not help me but there are thousands of people in the same situation!
    Sundays
    12th Feb 2019
    7:36pm
    Something should also be done for businesses who don’t pay super for their employees. The employees especially in areas of high unemployment are too scared to say anything. The ATO would easily be able to identify them as should the super funds
    Nisie
    12th Feb 2019
    4:01pm
    How about closing a fairly large loophole in super legislation. i.e. the one which gives employers the right to earn themselves 3 month's worth of interest on my wages (salary sacrifice) before they hand that money over to my super fund, sometimes for even longer, if no-one blows the whistle on them. It is a morally reprehensible act of greed, and one which should have been legally stopped years ago!
    TREBOR
    12th Feb 2019
    5:25pm
    As SFR said yesterday:-

    Hit 'post' then hit F5 top refresh - your post will go on ONCE! We want to read the first post of this forum, not the Last Post....
    TREBOR
    12th Feb 2019
    5:33pm
    A single roof national superannuation scheme, all may add to a specified limit, after which it becomes savings pure and simple and the income derived is taxable, and it includes all current super schemes, including the massively preferential ones that so benefit some groups, such as politicians.

    The accumulated funds, held by a body totally separated from government and profit organisations and others, and run by an elected board, may loan out funds for projects such as major infrastructure that will benefit this nation and which will return a benefit to the national superannuation fund.

    The 'right', of course, will screech 'communists' - the 'left' will screech 'fascists' - neither is correct the term is Patriotic Nationalist.

    We'll bring 'em down to our level and reality yet!
    Cheezil61
    12th Feb 2019
    6:22pm
    Firstly, why is everyone so nasty to each other here? What happened to good old fashioned respect for each other? Any funds proven to have been ripping people off should be made refund their clients/super members!
    TREBOR
    12th Feb 2019
    7:15pm
    Not everyone is nasty - Loathario, Robbo and the old heemskerk are (were).. others simply respond in kind.

    I exempt Old geezer for his vapid comments, since he actually thinks he believes them and is not nasty... but Loathie and Robbo - they are a different kettle of fish and need chastisement.

    Both are on their last warning as regards me personally........
    Anonymous
    12th Feb 2019
    8:10pm
    There is nothing you can do Treb old son if you don,t like us stiff this is supposed to be a democratic websight you don,t run it you fool
    TREBOR
    12th Feb 2019
    8:54pm
    And nasty comments can suffer the 'report' button you see there ... so if you persist in the personal stuff that's what you'll get.... old son.

    Leave it out and stick with discussion of the subject matter - or get out.
    Anonymous
    12th Feb 2019
    9:08pm
    A backstabber like your mate Shorten others have tried and failed but give it ago if are like that but I will be back different email different name but same theme.
    TREBOR
    12th Feb 2019
    10:20pm
    Self-admitted troll - and you have no idea what you are talking about.

    Keep on coming back - you'll get the same treatment.

    Now off to bed with you, and stop wasting my time with your nonsense.
    Anonymous
    12th Feb 2019
    10:28pm
    Hey Treb pension day tomorrow no doubt you will be front of the que old limp d ck
    Karl Marx
    13th Feb 2019
    12:09am
    Trebor, & everyone else, just ignore Robbo, don't respond or comment on the redneck right wing parasitic little wanker that he his. Mummy & his boyfriend will slap him about soon. Reminds me of my school days having to deal with bullies like this little tosser, I used to kick their dumb arse till their nose bled then they'd run home crying. Stupid little shit he is. Don't forget it's a school day tomorrow Robbo, how old are you? 8.
    DaddyKool
    19th Feb 2019
    12:51pm
    Agree with Cheesil61
    There is an appalling lack of respect on this site. Stopped looking here for some time. Came back and it’s the same users taking shots at each. Pathetic!
    Might try again 3 months.
    floss
    12th Feb 2019
    6:39pm
    That was a good day i have upset the greed is good gang is does make ones day.
    floss
    12th Feb 2019
    6:41pm
    That was a good day i have upset the greed is good gang is does make ones day.
    Thoughtful
    12th Feb 2019
    7:49pm
    Another problem involves casual workers especially those employed in a small business. If Super is not paid ( a very common occurrence ) any complaints are easily tracked back to the source. Perhaps you are too much of a problem to employ again. Super payments should be reconciled the same as tax paid by the employer. Difficult but not impossible.
    GeorgeM
    12th Feb 2019
    11:32pm
    Wonder what happened to those Productivity Commission recommendations in this regard.
    Looks like the Major Parties, and even the Independents, are all too busy fighting for themselves to worry about things like Super.
    In particular, one wonders what Shorten ever did when he was Minister for Financial Services & Superannuation (apart from plotting the downfall of 2 PMs), with even basic reforms such as caps on benefits from Super coming from a Lib Govt? Now we have an Industry body asking for implementation of changes, not as one would expect, the so-called Labor party.


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