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Industry Superannuation Fund
An industry superannuation fund (or, simply, 'industry fund') are Australian superannuation funds that historically were established by Australian trade unions to manage retirement savings for workers in their industry. Funds other than industry funds are referred to as ' retail funds'. Most, though not all, industry funds are member of the sector peak body Industry Super Australia. Nevertheless, all industry super funds have operation from inception through a not-for-profit, mutual fund structure. All profits from fund operations are retained by the fund membership, a fact prominent in marketing campaigns run by the peak body. Formerly, specific industry funds could only be joined and contributed to by employees working in the establishing union's corresponding industry. Following reforms, most fund memberships are not restricted in this way, instead being 'public offer funds' regulated by the Australian Prudential Regulation Authority. For circumstances relating to their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superannuation In Australia
Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. Currently set at 11.5%, from 1 July 2025, the mandatory minimum "guarantee" contribution is 12%. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992. Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their earned income sent to a superannuation account is less than the income tax on earned income sent to their bank account. Australians c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Schroder (union Official)
Paul Schroder (born ) is a former trade union official, and current chief executive of AustralianSuper, Australia's largest superfund by assets under management. Paul spent 20 years working in the Australian union movement before joining AustralianSuper. During this time he worked for the Finance Sector Union. in 2007 he joined AustralianSuper as the fund's general manager of business development. He later was promoted to the role of chief risk officer, prior to his appointment as chief executive of the fund in 2021 as the replacement for Ian Silk. His appointment to the role of AustralianSuper chief executive in 2021 was controversial. Journalists in The Age criticised the fund's decision to appoint him chief executive to replace Ian Silk instead of pursuing an international search process. Of the appointment, they said it 'did little to rescue the super sector's reputation as a storehouse for former Labor/union types'. As of 2023 his annual salary remuneration as the fund's c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spirit Super
Spirit(s) commonly refers to: * Liquor, a distilled alcoholic drink * Spirit (animating force), the non-corporeal essence of living things * Spirit (supernatural entity), an incorporeal or immaterial being Spirit(s) may also refer to: Liquids * Tincture, an extract of plant or animal material dissolved in ethanol * Cologne spirit, also known as drinking alcohol * Petroleum spirit (other) ** Motor spirit, a clear petroleum-derived flammable liquid that is used primarily as a fuel ** Petroleum ether, liquid hydrocarbon mixtures used chiefly as non-polar solvents ** White spirit or mineral spirits, a common organic solvent used in painting and decorating Philosophy, religion and folklore *Spirituality, pertaining to the soul or spirit *Holy Spirit, a divine force, manifestation of God in the Holy Trinity, or agent of divine action, according to Abrahamic Religions * Great Spirit, conception of a supreme being prevalent among some Native American and First Nations cul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hostplus
Hostplus is an Australian industry superannuation fund. As of 2025, being the third largest superannuation fund in Australia by member accounts and the fifth largest by assets under management, it is 'giant' with around 2.1 million members and over $118b funds under management. In September 2023, it was announced that Hostplus completed its merger with Maritime Super, the largest industrial fund focused on the maritime industry with more than fifty years of existence. History It was founded in the early 1980s as the industry fund for hospitality workers. For this reason, its establishment and management is associated with the United Voice United Voice was an Australian trade union from 1992 to 2019. It merged with the National Union of Workers to form the United Workers Union in 2019. United Voice was part of the Labor Left faction of the Australian Labor Party. The union was ... trade union. In 2022, Statewide Super merged with HostPlus. The following year, the fund an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HESTA
HESTA is an Australian industry superannuation fund for workers in health and community service sectors. HESTA services more than 90,000 employers and has more than 950,000 members, 80% of whom are women. It has close to $68 billion in funds under management. HESTA was formed in 1987. HESTA holds an Australian financial services licence Australian Financial Services Licence (AFSL) is a legal licence provided by the Australian Securities and Investments Commission (ASIC) enabling the operation and activities of Australian financial services businesses. It is a legal requirement .... History HESTA removed all tobacco investments from its portfolios in 2013. In 2015, HESTA sold its stake in Transfield Services citing evidence of human rights violations inside the offshore detention centres run by the sharemarket-listed company. Governance HESTA is run by a Trustee company called H.E.S.T. Australia Limited. The Board of the trustee consists of six Directors appointed by emplo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aware Super
Aware Super is an Australian industry superannuation fund headquartered in Sydney, New South Wales. With $176.9 billion under management and 1.15 million members, it is Australia's third-largest superannuation fund. History It was initially established in 1992 as First State Super to provide superannuation benefits to New South Wales government employees. First State Super became a public offer fund on 1 May 2006, opening up membership to anyone eligible to receive superannuation benefits. This was in response to feedback from existing members who were keen to remain with the fund when they changed jobs and moved from the public to the private sector. The change meant First State Super became included in comparisons of performance, fees and other features with other funds. In 2012, First State Super merged with Health Super, a not-for-profit superannuation fund for workers in the health care and community services sector. At the time the merger meant the combined entity was the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rest Super
Rest Super (formally Retail Employees Superannuation Trust) is an Australian industry superannuation fund established in 1988. It is one of Australia's largest superannuation funds by membership, with around 2 million members as at March 2025. Rest currently manages more than $93 billion in funds.McKean, Andrew (21 October 2024)"Rest Super Names Interim Co-CIOs" '' Chief Investment Officerbr>Magazine'. Retrieved 11 December 2024. Governance Trustee Rest Super is run by a trustee company, Retail Employees Superannuation Pty Ltd, with a board of eight directors. Four directors are nominated on behalf of employees by the Shop, Distributive and Allied Employees Association and four nominated on behalf of employers and employer associations. Fund Administrator The fund administrator of Rest is currently Australian Administration Services (AAS), a superannuation administration company based in Parramatta Parramatta (; ) is a suburb (Australia), suburb and major commercial centr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UniSuper
UniSuper is an Australian superannuation fund that provides superannuation services to employees of Australia's higher education and research sector. The fund has over 615,000 members and in funds under management, as of 30 June 2023. UniSuper is a not-for-profit company whose shareholders are 37 Australian universities and is governed by a corporate Trustee, UniSuper Limited. All the universities have representation on the Consultative Committee. UniSuper has been granted a MySuper authority, enabling it to continue to receive default superannuation contributions from 1 January 2014. Fund history UniSuper was founded in 1 October 2000, as a result of a merger between the Superannuation Scheme for Australian Universities (SSAU) and the Tertiary Education Superannuation Scheme (TESS). Prior to the merger, UniSuper had been the trustee for the SSAU. UniSuper has pursued a strategy of buying 'fortress' stocks (defensible against disruption), as well as bringing investment fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Queensland
The Bank of Queensland (BOQ), formerly known as the Brisbane Permanent Benefit Building and Investment Society (BPBBIS) between 1874–1970, is an Australian retail bank with headquarters in Brisbane, Queensland. The bank is one of the oldest financial institutions in Queensland, having begun as a building society. It now has 111 owner-managed branches throughout Australia, including thirty-six corporate branches and third-party intermediaries. They also have over 2,300 ATMs. The bank also owns Virgin Money Australia and ME Bank. In 2021, customer satisfaction with BOQ was rated at 82.9% by Roy Morgan. In 2007 customer satisfaction levels were placed at 88%. The bank does not currently have any board directors who are based in Queensland. History A Bank of Queensland was established in 1863. It collapsed in 1866 closing its doors in the severe financial depression known as the Panic of 1866. Another bank took the same name in 1917 but disappeared into the National Bank i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ME Bank
ME Bank, also known as ME, is an Australian direct bank based in Melbourne. It became a subsidiary of Bank of Queensland in July 2021. Founded in 1994 as Super Member Home Loans (SMHL) by Australia's industry superannuation funds, SMHL became Members Equity Bank in 1999, and received a banking licence from the Australian Prudential Regulatory Authority (APRA) in July 2001 and was approved by APRA to act as an authorised deposit-taking institution, authorised to accept deposits from the public. Initially founded to offer access to home loan products, ME Bank today offers a range of low-cost banking products including home loans, savings accounts, credit cards, term deposits, and transaction accounts. History Industry Funds Services (IFS) was founded in 1994 by a group of industry super funds. Also in 1994, Super Member Home Loans (SMHL) was launched by the ACTU in partnership with National Mutual (later to become Axa). The primary focus of SMHL was on providing home loans t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Work Commission
The Fair Work Commission (FWC), until 2013 known as Fair Work Australia (FWA), is the Australian industrial relations tribunal created by the ''Fair Work Act 2009'' as part of the Rudd Government's reforms to industrial relations in Australia. Operations commenced on 1 July 2009. It is the successor of the Australian Industrial Relations Commission, and also performs functions previously performed by the Workplace Authority and the Australian Fair Pay Commission. The office of President of the Fair Work Commission has been held by Justice Adam Hatcher since 19 February 2023. , it operates under the portfolio of the Australian Attorney-General, the Hon Mark Dreyfus MP. The general manager of the FWC is Murray Furlong, who was appointed in October of 2021. FWC's functions include the setting and varying industrial awards, minimum wage fixation, dispute resolution, the approval of enterprise agreements, and handling claims for unfair dismissal. Role FWC is an independe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MySuper
MySuper is part of the Stronger Super reforms announced in September 2011 by the Gillard Labor government for the Australian superannuation industry to replace the previous default funds system with a new default system using low cost and simple superannuation products. MySuper compliant products may be provided by industry super funds, as well as retail super funds. Funds that do not operate as default funds, such as self managed superannuation funds (SMSFs) or choice products, are not subject to MySuper standards. Since 1 January 2014, unless an employee has chosen another investment option, employers must pay all compulsory SG contributions into approved MySuper accounts, i.e., into super products that have received a MySuper authority. From that date, super funds must also credit employer contributions to a MySuper account, unless if the member has directed the trustee to do otherwise. Given that over 75% of employees stay with their employers’ default fund, it was expecte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
