The Royal Commission into Banking and Financial Services presented its report to the government on 4 February.
Among other things, it exposed shocking profit-taking practices in the retail – or bank-owned sector – of the superannuation industry.
These findings again brought into stark relief the superiority of the industry superannuation model, which has members’ best interests, rather than corporate best interests, at its heart.
We remind our members and participating employers that, as an industry super fund, REI Super doesn’t have shareholders to whom we pay dividends. We exist solely to provide benefits and services to our members. Our ONLY role is to serve our members’ best interests.
This is consistent with a Recommendation in the Final Report of the Royal Commission, which is that the Trustee of a superannuation fund should be prohibited from assuming any obligations other than those related to its duties as a trustee of a superannuation fund.
In other words, we don’t have shareholders we need to answer to and therefore we don’t take investment profits from members for shareholders.
The information contained in this article does not constitute financial product advice. REI Super does not give any warranty to the accuracy, completeness or currency of the information provided. Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. REI Superannuation Fund Pty Ltd ABN 68 056 044 770, AFSL 240569, RSE L0000314 Trustee of REI Super (ABN 76 641 658 449), SPIN REI0001AU, RSE R1000412. MySuper unique identifier 76641658449129.