Industry superannuation
Industry superannuation funds[1] 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 employed in their particular industry. For example REST superannuation, was initially limited to people employed in the retail industry but is now open to all. Other examples are legalsuper, which is the superannuation fund promoted towards members of the legal profession. [2]
Other types
Run to profit members
Unlike many insurance company and bank super funds, industry funds are not in business to make a profit for shareholders.
Industry funds[3] are non-profit, designed exclusively for the benefit of members and governed by trustees representing employers and employees within the industry.
The trustee structure of "must generally consist of equal numbers of “employer representatives” and “member representatives”.http://www.apra.gov.au/Super/Documents/III-A-2-Trustee-Arrangements-for-Superannuation-Funds-other-than-Public-Offer-Funds.pdf
Affiliations
Launched in 1994 by National Mutual as SMHL (Super Members Home Loans), the early priority was on providing home loans to Australian Workers. The bank was renamed to Members Equity Bank in 1999 and received their banking licence from Australian Prudential Regulation Authority in July 2001.
- IFFP
Industry fund financial planning.
Choice of fund
With the introduction of Super Choice legislation in 2005, anyone eligible to choose can consider joining an Industry Super Fund.[4]