Approximately 500,000 Australian employers have Industry SuperFunds as their default superannuation fund. Unless an employee nominates their own fund, their superannuation entitlements will generally be sent to the default fund named in their relevant award. There are plenty of good reasons why Industry SuperFunds benefit both employers and their employees.
No fees for employers
Industry SuperFunds do not charge fees for joining or handling your company’s super.
Industry SuperFunds and their administrators work very hard to make superannuation as simple as possible for employers.
Workplace support and education
Industry SuperFunds have relationship managers who are available to assist you and your employees with superannuation issues. Many funds run an annual program of free retirement and financial planning seminars for members. Topics include member investment choice, insurance cover and the benefits of consolidating your super accounts.
Industry SuperFunds have equal representation of employer and employee representatives on the boards of trustees, with independent expert advisers often appointed to enhance their depth of knowledge.
A range of extra products and services
Industry SuperFund employers have access to a range of value-added products such as banking and technology services.
Industry SuperFunds are fully regulated and compliant with the Superannuation Industry (Supervision) Act 1993. They are able to receive the contributions you make for your employees and offer compliant insurance cover under the Choice of Fund requirements of Superannuation Guarantee legislation.
Looking after your employees
It makes sense to choose a superannuation fund with the best range of benefits for your employees. Some of the key benefits for employees of Industry SuperFunds are:
The fund you choose for your employees can have a huge impact on their retirement savings. Industry SuperFunds have, on average, consistently outperformed retail super funds, over the last ten years.^
Low fees for members
The fees your employees pay can greatly affect their final retirement payout. On average, Industry SuperFunds charge lower fees than the average retail master trust.
Run only to benefit members
Industry SuperFunds do not pay commissions to advisers, financial planners, sales agents or insurance companies. They are designed exclusively for the benefit of members and are run only to benefit members.
^Note: Comparisons modelled by SuperRatings based on its Fund Crediting Rate Survey, commissioned by ISA Pty Ltd ABN 72 158 563 270 Corporate Authorised Representative No. 426006 of Industry Fund Services Ltd ABN 54 007 016 195 AFSL 232514. Compares annual average returns of balanced options of retail funds in the Fund Crediting Rate Survey with annual average returns of balanced options of 15 Industry SuperFunds. Actual returns vary between individual funds. Visit the assumptions page for more details about modelling calculations and assumptions. Past performance is not a reliable indicator of future performance.