Industry superannuation
From Wikipedia, the free encyclopedia
Industry superannuation funds in Australia refer to the group of retirement superannuation funds managed by industry bodies and unions. These funds are almost all public-offer funds, although most had their genesis as closed shop funds only open to members of the union or industry body to which they relate. An example is Cbus superannuation, which was the building industry superannuation fund but is now open to all and legalsuper, which is the superannuation fund for the legal profession.
Unlike many insurance company and bank super funds, industry funds are not in business to make a profit for shareholders. Industry funds are non-profit, designed exclusively for the benefit of members and governed by trustees representing employers and employees within the industry.
With the introduction of Super Choice legislation in 2005, anyone eligible to choose can consider joining an Industry Super Fund.
